IMVU just announced the availability of VCOIN, an Ethereum-based digital currency for use in its virtual world with 7 million active users — and, by design, for buying and selling goods and services in the real world, too. From the announcement:
Available now for the IMVU desktop, mobile web, and web platforms, VCOIN is seamlessly integrated into the IMVU experience, enabling secure, global peer-to-peer transactions at the click of a button. IMVU’s high-velocity economy currently sees more than 27 million transactions and 13 billion Credits changing hands each month. With the addition of VCOIN, users can now easily and instantly pay for goods and services on the platform — no complicated crypto wallets, or even bank accounts required — and then convert their earned VCOIN into cash at an established rate.
This is a major move for at least a couple reasons: While blockchain-based currencies have attracted much hype and speculation, they are not actually used very much to, you know, buy goods and services. (As I never tire of noting, more people use Linden Dollars in Second Life than use Bitcoin every day.) At the same time, while there are other virtual worlds with a cash-out option for virtual currency, they also have small user bases — and aren't authorized for use in the real world. While Linden Dollars outstrip Bitcoin in usage, for instance, they still only count some 400,000 daily users, and aren't intended for use as a RL currency.
Enter VCOIN, which hits the market with 7 million built-in customers. John Burris, IMVU's Chief Strategy Officer, tells me the company fully intends to encourage VCOIN's use outside IMVU — and even approached the SEC with that in mind:
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