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“This news to us is way more about just VCoin and IMVU,” Tsui said. Ethereum has become popular in part because of its unique features (such as the ability to create smart contracts or set specific rules for the use of the currency) as well as its broad-based support. Blockchain technology is the foundation of cryptocurrencies, which are digital forms of money that are being created by all sorts of companies. Blockchain is the transparent and secure digital ledger that allows objects to be uniquely identified and ownership of those objects to be clear. That’s what IMVU is doing with VCoin, a blockchain-based digital currency backed by a massive user base (Ethereum) and thriving economy, soon to be launched in the IMVU platform.

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And from the viewpoint of companies, creating a marketplace where users can supply the digital items could be far easier than one company’s own developers trying to populate a metaverse full of digital items. If you sell an item, you want to be able to get paid and then cash out. If you buy something in a virtual world from a company or from another user, you want to be able to trust that transaction and take the object to another world. It will likely be a collection of virtual worlds, all interconnected in a way that makes travel between the worlds easy and seamless. Having something like VCoin is important because the metaverse isn’t expected to be a single world operated by a single company. Other operators of virtual worlds - such as the game worlds of Roblox and Fortnite - could benefit from the ruling, so long as they follow the same guidelines that IMVU is, IMVU CEO Daren Tsui said in an interview with GamesBeat. IMVU will launch its VCoin cryptocurrency soon for its own users. IMVU will be talking about this development at our GamesBeat Summit: Into the Metaverse event on January 27-28.

The so-called “no-action letter” from the SEC lays the groundwork for other companies to do the same thing, and that’s one of foundations of the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. With its ruling in November 2020, the SEC enabled IMVU to allow users to buy and sell goods with VCoin and also to cash out and convert it to Ethereum, a well-known cryptocurrency, or into U.S. Securities and Exchange Commission to enable payments in its virtual world through a blockchain-based cryptocurrency dubbed VCoin. But the company did something recently that could benefit the whole industry: It received approval from the U.S. IMVU has been a relatively quiet and unnoticed company in the online gaming and social media worlds. At the event, we will also announce 25 top game startups as the 2024 Game Changers. We're thrilled to announce the return of GamesBeat Next, hosted in San Francisco this October, where we will explore the theme of 'Playing the Edge.' Apply to speak here and learn more about sponsorship opportunities here.

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