What is VCOIN?

VCOIN is a new digital asset created by IMVU – the world’s largest 3D avatar virtual world. Built on blockchain technology, VCOIN can be purchased, earned, and exchanged within the IMVU platform — and for the first time, allowed to be transferred off of the platform, subject to terms and conditions.

When will VCOIN launch?

As of January 12th, 2021, users have been enjoying full functionality of VCOIN on IMVU. VCOIN can be purchased, gifted, used to buy virtual services, and be earned for virtual services.

What is unique about VCOIN?

VCOIN is ready-made for use. With IMVU’s current massive economy, VCOIN was built into the product and introduced to millions of IMVU users from Day One. Designed to drive adoption and usage, VCOIN can be easily purchased with a credit card and immediately used on the platform with no complicated crypto wallets required. Users can transfer VCOIN off the IMVU platform with a few clicks – opening up endless possibilities.

Why was VCOIN created and what is the vision for this new cryptocurrency?

There are over two billion active users and gamers who participate in digital experiences and virtual social networks. To date, these virtual economies have either run on cash or a proprietary payment system, like IMVU Credits. VCOIN allows users around the world to gift, trade, and transact with one another, exchanging real value for the first time. Unlike other in-game tokens, users and earners can take their VCOIN earnings off-platform anytime.

On what platforms can VCOIN be used?

IMVU created VCOIN for users of its virtual world platform, which fully supports the use of VCOIN. As an Ethereum network digital asset, users may also access and use their VCOIN off the platform on other Ethereum-compatible platforms, applications and marketplaces.

Where can users buy VCOIN?

Any user of IMVU that wishes to purchase and gift VCOIN can do so through their account on the IMVU platform.

On what blockchain is VCOIN built on?

VCOIN is an ERC-20 token on the Ethereum blockchain. Ethereum is one of the world’s most widely used and secure blockchain networks.

What is the minting and governance around VCOIN?

IMVU will initially create a supply of 12.5 billion VCOIN, which is approximately equivalent to the implied value of the supply of Credits currently in circulation in the IMVU virtual economy. While this supply should satisfy foreseeable user demand, IMVU has the ability to generate more VCOIN to ensure adequate supply to maintain the fixed price and eliminate any incentive for speculation, which will ensure the best experience for our users.

What is the price and conversion rate of VCOIN?

IMVU will sell VCOIN on the platform at a fixed price of 250 VCOIN for $1.00, or $0.004 per VCOIN. VCOIN holders may also convert their VCOIN into fiat currency by selling their VCOIN at the same fixed price less a transaction fee of 10%, subject to terms and conditions.

Will the price of VCOIN fluctuate?

IMVU will maintain a consistent purchase and sale price intended to prevent fluctuation in the price of VCOIN.
IMVU users trust the platform, economy, and the brand. By providing a branded token with a simple-to-use experience, users are more likely to adopt VCOIN than other cryptocurrencies, which to our users could be an unknown concept.

Why create a new, branded token and not use a current token already in the market?

IMVU users trust the platform, economy, and the brand. By providing a branded token with a simple-to-use experience, users are more likely to adopt VCOIN than other cryptocurrencies, which to our users could be an unknown concept.

How can users convert VCOIN into fiat or another cryptocurrency?

Users can establish an external digital wallet with Uphold, a third-party service provider, and transfer their VCOIN to this digital wallet. From their Uphold digital wallet, users will be able to convert their VCOIN into fiat currency, such as dollars or euros.

What is the benefit to users?

IMVU is creating an economy where users can earn real value. Unlike other in-game tokens, VCOIN can be converted into real money and VCOIN is not bound to a single platform. Users that own VCOIN can, subject to terms and conditions, transfer their VCOIN off of the IMVU platform and convert it into fiat currency, transfer it to a friend, or use it on another Ethereum-compatible platform, application or marketplace.

Will the current IMVU Credit system go away?

No, IMVU Credits and the ability to purchase, use, and gift them will not go away. VCOIN will be another payment option to use in IMVU’s vast economy and will provide an opportunity for more users to earn and convert those earnings into real money.

How will IMVU make money through VCOIN?

IMVU will earn a transaction fee from P2P transactions as well as when users cash out their VCOIN. VCOIN enables new ways for IMVU users to earn money and this will drive current engagement as well as help attract and retain new users.