At this point, you might just want to throw away any apocalypse bingo cards you have left. Leading 3D avatar playground IMVU has officially launched its own cryptocurrency called VCoin.
In late November 2020, the Securities and Exchange Commission (SEC) granted IMVU permission to sell VCoin, with some restrictions. Thanks to its established platform, IMVU manages to come out ahead in the crypto game as one of the few companies to get the SEC’s blessing.
Cash me in the metaverse — Transactions have long been an integral part of the IMVU community, even outside of what the platform allows. Users could pay DJs, designers, and other creators in the real world to create better parties and experiences. Now, these services can be paid for directly on the platform and converted to cold, hard cash.
“While most virtual platforms allow users to earn in-game credits, those credits cannot be converted into anything that holds value outside of that platform or game,” John Burris, IMVU’s chief strategy officer said in a statement.
VCoin will convert to USD at a rate of 250 VCOIN to $1 or $0.004 per VCOIN. IMVU will maintain this conversion rate to maintain stability.
Doing what the other girls can’t — Thanks to November’s no-action letter, VCoin is only the third digital token to gain legal protections from the SEC. Unlike its predecessors, Turnkey Jets and Pocketful of Quarters, VCoin can be converted to and from USD, though it’s still a non-security.
This rare support only applies to the strict guidelines the regulator set and can vanish if IMVU deviates from them. As an established platform, it avoids the usual criticisms that crop up when such tokens are being used to fund upgrades for unfinished products.
VCoin is launching into a world with nearly two decades of foundational work. Each month, the platform handles 27 million transactions with about 13 billion credits changing hands between its 7 million users. You couldn’t ask for a better launchpad for a cryptocurrency, especially one that doesn’t require a crypto wallet or even a bank account.