So that’s why it isn’t available in the U.S.īut VCoin is a “stable coin,” which can be used domestically. In the U.S., VCore would be considered more like a security, subject to securities laws where accredited investors would be able to buy or sell it. It can be used for minting and purchasing land and other NFTs on the platform. If you hold the token, you could vote on projects. This exchange-listed token can appreciate in value or depreciate. VCore’s price floats based on the market, and it is not used in the U.S. There are differences between VCore and VCoin. The company has raised a total of $77 million. IMVU was founded in 2004 and last raised money in 2021 as it became a division under its new parent company, Together Labs. “The wallet milestone is just one early indicator of how ready users and creators in virtual worlds are to play, create, hold, earn and shape the future of where they spend their time.” Metajuice. “VCoin has unleashed the service side of the metaverse economy and giving these service providers a path to earn real money is something we – and they – value,” said Nancy Beaton, senior vice president of MetaJuice, in a statement. With the no-action letter, IMVU can sell VCoin as a transferable non-security. Securities and Exchange Commission (SEC). IMVU received no-action relief from the Staff of the U.S. VCoin is an ERC-20 token governed by a simple smart contract audited by trusted third parties, and is a fungible digital currency designed for virtual economies and ecosystems both on and off the IMVU platform. law doesn’t allow this kind of coin without a gambling license. VCore holders, over time, will be able to play, stake, earn and share their voice, empowering millions to help shape the future of the metaverse. VCore is intended to reward users for their engagement and give users a valued voice in the success of the metaverse economy. VCoin is the first of two tokens to be introduced to the IMVU metaverse, with sister token VCore launching soon worldwide (to users outside the U.S. This is a powerful one-two combination that no other metaverse is offering.” More tokens VCoin is one of Together Labs’ efforts. “VCoin gives users the ability to buy, gift, hold, earn and convert earnings to real money, and our soon-to-launch VCORE token will give international users the ability to shape and share in the success of IMVU and other platforms. “We have always said that the high-velocity, comprehensive economy of IMVU was ripe for a digital currency to really maximize the full value of this metaverse, and achieving this milestone proves that,” said John Burris, president of MetaJuice, in a statement. VCoin will also be the exclusive method to purchase NFTs with the upcoming NFT launch on the IMVU platform. VCoin is able to be converted to cash off the platform, and can be used on the platform to purchase digital art, clothing, and services. After VCoin is withdrawn from the platform, it is like cash, with all the benefits of being digital. VCoin can be purchased on IMVU, gifted, withdrawn from the platform and used to purchase select upgrades on the IMVU platform such as VIP subscriptions, access passes and more. This is an easy way for the IMVU community to transact with VCoin. To help users match to service providers, MetaJuice and IMVU launched the “Gigs Marketplace” that enables producers of services to post and users to quickly find the talent they need. Some of the most popular services and earners of VCoin are digital artists, virtual fashion models, custom clothing/room creators and more. Now DJs, personal shoppers, night club hosts, and others can earn VCoin for their services and convert that VCoin to cash. VCoin has opened the peer-to-peer service economy on IMVU. The Redwood City, California-based company wants VCoin to power the virtual economy in the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. VCoin can be purchased in the IMVU app with a credit card. VCoin was ready-made for adoption built directly into IMVU, with no complicated wallets. These 750,000 wallets come just twelve months after VCoin’s release on all IMVU platforms.
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