IMVU seeks to bridge virtual economy and real world with VCOIN
What makes video games stand out from other forms of digital entertainment is their capacity to bring people together and let them inhabit and share virtual worlds. The types of social experiences that video games offer are unique to the medium, but what is even more remarkable is how often they create powerful bonds in the real world. There are countless examples - from raiding parties in an MMO becoming close friends in real life to the collaborative pokemon hunting in Pokemon Go - hinting that, despite their inherent artificiality, gamе worlds seldom remain completely separated from the real world. It stands to reason, then, that a strong connection to the real world can lead to more meaningful gaming experiences.
This is what IMVU, which operates an already immensely popular online metaverse, is aiming to do. The company is looking to deepen the connection between its platform and the real world to enhance and enrich the player experience. And it has turned to blockchain technology to do so.
А virtual economy for the real world
Born during the early boom of massively multiplayer online games, IMVU utilized the medium’s growing connectivity to expand the way people could interact with each other in virtual words. The platform let players create 3D avatars and use them to meet new people, chat, play games and create virtual items.
Today, IMVU is the largest avatar-based social network in the world, with some seven million active monthly users. It also has the largest virtual item catalogue of over 50 million user generated items. Up until recently, players could buy items with Virtual Credits.
One drawback of this system was these Virtual Credits remained locked on the platform, leaving users unable to cash in their holdings and use them in the real world. IMVU’s desire to create a bridge between its virtual economy and the real world led to a productive partnership with LimeChain and the introduction of the VCOIN token.
Successful development and regulatory greenlight
With plenty of experience in the area of asset tokenization, LimeChain’s team of experts was able to progress development on the project quickly and efficiently. To create the VCOIN token, the team used Ethereum and its ERC-20 standard, which is essentially the gold standard for creating fungible tokens. The token was launched successfully on January 12.
Prior to the launch, IMVU received a rare “no-action” letter from the US Securities and Exchange Commission, which greenlighted the sale of the token under certain conditions. The ruling marked the first time a no-action letter is issued by the SEC with regards to a digital asset that can be converted back to fiat by users.