Avatar Social Platform IMVU Launches Ethereum Token to Power Its Virtual Economy

The token, which has gotten a lot of attention for its interesting way of placating U.S. regulators, is now live for IMVU users in over 140 countries. IMVU's new fiat-convertible VCOIN goes live on the social network. Per a Jan. 12 company announcement shared with Cointelegraph, VCOIN is available for users of IMVU, starting today. IMVU already hosts over 27 million transactions a month using its non-blockchain-backed credits. VCOIN aims to give users involved in those transactions the opportunity to convert their earnings into value that they can use off the platform, both in peer-to-peer....

After getting some boundaries in which to operate from the SEC, IMVU's new blockchain-based token will be a major test case for crypto. When the Securities and Exchange Commission gave its blessing to social media platform IMVU to launch VCOIN, it was a major leap forward for acceptable scope of crypto applications. The implications for what sorts of projects the SEC considers a security are, in and of themselves, huge. But part of the appeal of VCOIN to the SEC is that, with its stable price and clear use case, IMVU has managed to demonstrate to the commission that the token is a means of....

The SEC has granted permission to digital avatar firm IMVU to sell its Ethereum-based VCOIN digital currency, though with some restrictions.

The letter states the regulatory agency “will not recommend enforcement action” against a platform issuing a digital currency capable of being converted to fiat. The U.S. Securities and Exchange Commission, or SEC, has issued a rare no-action letter in response to a request from a blockchain-backed platform over the issuance of a digital asset.The SEC letter issued on Nov. 19 says that its Division of Corporation Finance would “not recommend enforcement action” against avatar social platform IMVU issuing its VCOIN digital asset under certain conditions. The commission will allow the firm....

Together Labs partnered with Immutable X to facilitate carbon-conscious NFT activity within the IMVU ecosystem. Immutable X, the scaling solution for layer-2 NFT protocol Immutable, has penned an agreement with Together Labs to integrate into the platform's native social metaverse IMVU. The partnership will foster the creation and distribution of NFTs within the game's virtual ecosystem.IMVU, pronounced "imm-view," is a blockchain simulation game akin to The Sims or Second Life in which players can design, inhabit and interact with virtual worlds. Parented by Silicon valley-based firm....