Today IMVU launched its VCOIN token, a fixed priced tokenized in-game currency. Unlike other token offerings, it’s hard to call IMVU a startup. The 3D social chat experience has been around for more than 15 years and its ecosystem allows people to design and trade clothing, 3D environments and services. The VCOIN can be bought from IMVU at a fixed price. It’s used as an alternative to in-game credits but can be transferred outside of the platform and cashed out.
The platform processes 27 transactions and 13 billion credits per month. To use VCOIN inside the IMVU experience, a user doesn’t need a crypto wallet.
Last November, IMVU received a no-action letter from the SEC, which does not classify VCOIN as a security. However, it has to comply with numerous requirements such as not listing VCOIN on an exchange, making unlimited quantities available to maintain a fixed token price and not using proceeds to finance its Upgrade. If users choose to transfer the digital currency off the platform and convert to fiat, they must complete know your customer (KYC) procedures. But KYC is not needed if they only use it within IMVU.
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