[Archived - RigsK] Opportunity for Creators - Creating NFTs on IMVU

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Posted by “RigsK” on June 22, 2022.

[Archived]

Hi Creators,

We wanted to keep you posted about an exciting new opportunity we’re working on for Creators and our entire IMVU community.

Later this year, we’ll be integrating NFTs into the IMVU Shop. To start we will create and sell a range of IMVU NFTs. After that we will integrate NFT creation directly into IMVU Studio tools so all Creators can have the option to make and sell NFTs in the Shop. Regular IMVU items will of course continue to be promoted and celebrated in the IMVU catalog. Creators can choose to make regular IMVU products, NFTs or both.

Check out the information below and stay tuned for more details on this exciting new feature and the benefits of NFTs in IMVU. You can also get involved by applying to join the IMVU Beta Group - see below for details.

–

NFTs 101

NFTs are new to many of us, so here is some basic information on what they are and how they work.

What is an NFT?
- NFTs (Non-fungible tokens) are collectable items with a digital certificate of ownership that is tracked on a blockchain for authenticity. NFTs allow people to verify that they are the official owner of an individual item. The owner of an NFT can keep or sell their NFT, similar to a real-world item when purchased.
When will NFTs launch?
- A few already have! Check out our 2021 Fashion Show NFTs and our collaboration with SHOES 54035 for a few examples of NFTs that are already living in the IMVU world. A broader rollout, including creator tools and NFTs in Shop, as described in this post, are planned in the near future.
What can an NFT be?
- Since an NFT is the certificate of ownership, nearly anything can be an NFT. On IMVU, you will first be able to create and own NFT clothing, hair, and some accessories; but over time, you’ll be able to also create and own NFT rooms, avatars, animations, furniture and more.
How will NFTs work on IMVU?
- NFT items will be sold inside of the Shop and can be purchased using VCOIN. Once purchased, they will immediately be displayed in the NFT section of your inventory and shown to other users when they click the NFT icon on your profile badge. NFT buyers also get a gold profile badge and will have the ability to unlock future exclusive features. Unlike regular items, users will be able to resell NFT items they buy, with Creators getting a percentage of proceeds from the re-sale.
- NFTs on IMVU will work natively for all users, meaning you don’t have to go through extra steps, such as connecting an external Web 3 wallet.
How do IMVU NFTs affect the environment?
- NFTs on IMVU carry no gas fees - meaning there is no processing fee when you make or verify an NFT transaction. Our NFTs utilize the Immutable X platform, through the purchase of carbon credits. These carbon credits offset the energy footprint to zero for any NFT created or traded utilizing the Immutable X platform.

Benefits of creating NFTs on IMVU

Why should I create an NFT vs. a regular item?
- NFTs provide new benefits and features to the IMVU community. An NFT comes with the ability for the owner to resell it, as well as exclusive access to a gold profile badge and other upcoming exclusive features. By creating an NFT, you are enhancing the IMVU experience for users while gaining an additional revenue stream from royalties on resells. NFTs also have the potential for increased overall value due to NFT exclusivity or limited runs.
How do NFTs increase my earning potential?
- In addition to receiving a royalty with the initial sale, the original Creator can also earn royalties every time a user resells the NFT. The NFT has more functionality than a traditional IMVU digital item because it is owned, it can be resold, and it provides the user with exclusive benefits like a gold profile badge. Similar to the broader NFT market outside of IMVU, NFT prices in IMVU could become higher than traditional digital items due to the added ownership and functionality they provide.
Are regular items being replaced by NFTs?
- Nope! IMVU will continue to support both NFTs and regular items.
How are NFTs different from custom creations on IMVU?
- Custom items, like other regular items, are not capable of being resold and do not grant access to the exclusive profile badge or other future NFT-based features.
How do NFTs protect against item theft?
- While there is no way to ensure the asset will not be imitated, an NFT proves that the particular item in question is authentic and owned by a specific user. Additionally, imitations of an NFT will not grant access to the exclusive profile badge or other future utility connected to NFTs.

What’s next?

Stay tuned for events, contests and more opportunities exclusively for Creators as we work to bring this exciting new feature to our community.

Get involved! Apply for the NFT Beta Group

Interested in being involved in the development of the IMVU NFT experience? Apply to the NFT Beta Group here: https://www.surveymonkey.com/r/BQD26Y5!

Get excited about this new opportunity for IMVU Creators! NFTs on IMVU will provide an additional way for Creators to expand their business and creative talents, plus earn through resale.

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Community posted 5 months ago Admin

Posted by “LestatDeLioncourt” on August 08, 2022.

[Archived]

I would hope we could convert the VCOIN into Credits and have those Credits register as a catalog sale toward Creator Cash Earned. CA$H

0 Votes

Community posted 5 months ago Admin

Posted by “LestatDeLioncourt” on August 08, 2022.

[Archived]

If we Convert VCOIN to Credits, will be able to convert those Credits (same amount) into Ca$h ?

0 Votes

Community posted 5 months ago Admin

Posted by “MissMaya” on August 08, 2022.

[Archived]

I love this idea, I was excited until it said VCoin. I don't use VCoin and won't use VCoin, it is taxed too heavily and too limited before it is even taxed on our end.

0 Votes

Community posted 5 months ago Admin

Posted by “Kytten” on July 17, 2022.

[Archived]

Can’t wait to see this!

0 Votes

Community posted 5 months ago Admin

Posted by “FlareHero” on July 14, 2022.

[Archived]

I'm referring to this statement made:

"Unlike regular items, users will be able to resell NFT items they buy, with Creators getting a percentage of proceeds from the re-sale."

That percentage value I think the creator should have full control over. I was just calling it a "royalty fee" because that is kind of what it is.

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Community posted 5 months ago Admin

Posted by “FlareHero” on July 14, 2022.

[Archived]

I don't think it has been decided yet, but I think the royalty amount set on an NFT product should be decided by the creator. It is their product, they should have 100% control over how much it is sold for.

0 Votes

Community posted 5 months ago Admin

Posted by “Sylaraia” on July 14, 2022.

[Archived]

Ty RigsK for the update, but....

IMVU really needs to think this through. The value of an NFT is in reality nothing. It's just an image that you hoard in a data vault. Sooner or later people are going to realize that something that can be stolen with the screenshot capability of your average laptop has no intrinsic value. It's not the Mona Lisa because it's not physical. This is a mental process wholly of the superego that's giving artificial value to something that has no subjective purpose and in and of itself has no physicality. The NFT market is already collapsing because people are tightening their financial belts and entering into it is a desperate grab at what can only be defined as a fad in order to make a quick dollar. I suppose you can be commended if you manage to time it right and not get bitten, but I personally view it as taking advantage of people, much like casinos take advantage of people with an addiction. But, hey, from a labor to profit standpoint, it certainly is tempting. However, I'd rather IMVU focus on all the vestigial code leftover from past functions of the platform that no longer exist and are, quite frankly, and embarrassment for the product to be displayed.

0 Votes

Community posted 5 months ago Admin

Posted by “RigsK” on July 14, 2022.

[Archived]

Hi Creators,

Thank you for all of the feedback and questions about the upcoming NFT Marketplace. Below is some additional information that we hope will prove helpful.

Are NFTs just a fad?

NFTs are not a fad in the view of IMVU, given the functionality they will provide to our community and Creators. NFTs in general are an evolving space as Web 3.0 technology continues to have a greater presence and impact on digital worlds such as IMVU.

How will you protect copyright and prevent theft for NFTs?

IMVU NFTs rely on smart contracts, which use blockchain technology to track ownership of IMVU NFTs. These contracts behave similarly to how property and vehicle titles are used to track ownership of physical items.

IMVU NFTs will follow a similar process to our current DMCA process.

You can use the DMCA process - if you believe your intellectual property has been stolen.

IMVU can remove a stolen NFT from the NFT Marketplace so it can no longer be traded.

Is IMVU still working hard to improve existing platforms?

Absolutely. We review user feedback and regularly conduct research studies to improve existing platforms.

We’re actively adding new capabilities to platforms like IMVU Studio, and on IMVU Mobile, we are continuing to improve Friend Matcher, YouTube Video, Voice, and other features based on user feedback.

Will only original meshes be allowed to be an NFT?

NFTs do not have to be original meshes. At launch, NFT items will include clothing, hair, and some accessories. Later on, NFTs will include poses, furniture, and more.

Will we be able to sell these NFTs outside of Together Labs?

Moving NFTs to external wallets (which will allow selling or trading on other marketplaces) is a future feature, but this will not be available during the initial launch.

How is ownership attached or tracked for these NFT items?

Each NFT has a unique transaction hash associated with it, and this data (stored on the blockchain) can be used to track ownership. The transaction hashes can be looked up on blockchain explorers.

0 Votes

Community posted 5 months ago Admin

Posted by “GingerAliceBloom” on July 04, 2022.

[Archived]

vcoin if you do the math also puts their hand deeper in your wallet as it costs you more and you get less but then that shouldn't be a surprise after the way they butcherer VIP

0 Votes

Community posted 5 months ago Admin

Posted by “Scout4Ever” on June 30, 2022.

[Archived]

In my state, VCoins cannot be purchase or sold. I was not going to bother with NFTs, but I'm sure mine is not the only state that Vcoins are not allowed. So, right there, you have a problem.

0 Votes

Community posted 5 months ago Admin

Posted by “fedjen” on June 29, 2022.

[Archived]

There is absolutely nothing that NFTs can do that credits can't do. it's blatantly obvious you're just trying to make a quick buck off of your crypto scam. can you guys just stop it with this bull and in stead do things the community actually wants/has been asking for for years like fixing the classic client so it stops crashing constantly.

0 Votes

Community posted 5 months ago Admin

Posted by “MsPixelicious” on June 29, 2022.

[Archived]

so youre saying this WHOLE NEW 'EXCITING' Project wont even WORK for the OLD client as its too wonky, too hackable and too 'backdated?'

if true, i KNEW my question wasnt stoopid.....i knew there was a 'catch' to all of this!

and if TRUE TRUE, then that TRULY is the death of the OLD client !

...and before you say "get with the program!", let me remind you, i and god knows how many others have DECADES of stuff in that catalogue that simply wont WORK with the new system as the graphic engines are just not the same!

...this to me is NOT an argument about embracing NEW tech, its about losing YEARS of stuff to a system that doesnt work for me!

0 Votes

Community posted 5 months ago Admin

Posted by “MonkeyBoy01” on June 28, 2022.

[Archived]

Interesting!

Hmm, can't wait see how it looks like.

0 Votes

Community posted 5 months ago Admin

Posted by “FlareHero” on June 28, 2022.

[Archived]

This is interesting. I'd like to see how this plays out. I imagine more popular and established creators will benefit the most from this. But, who knows, maybe it would be a great addition to everyone's income stream.

0 Votes

Community posted 5 months ago Admin

Posted by “4u” on June 27, 2022.

[Archived]

bingo... NFT won't be submitted with Classic Client and sure its riddled with bugs and easy exploits.. that's a major reason its been replaced with Studio. People need to stop freaking about NFT's, in a way we've always had an rudimentary version here its called a "Custom Products" IMVU is going to push that and soon will will have customers that wear nothing but.. custom products, like they've always been around just IMVU is going to open the gates on them.

0 Votes

Posted by “RigsK” on June 22, 2022.[Archived] Hi Creators, We wanted to keep you posted about an exciting new opportunity we’re working on for Creators and our entire IMVU community. Later this year, we’ll be integrating NFTs into the IMVU Shop. To start we will create and sell a range of IMVU NFTs. After that we will integrate NFT creation directly into IMVU Studio tools so all Creators can have the option to make and sell NFTs in the Shop. Regular IMVU items will of course continue to be promoted and celebrated in the IMVU catalog. Creators can choose to make regular IMVU products, NFTs or both. Check out the information below and stay tuned for more details on this exciting new feature and the benefits of NFTs in IMVU. You can also get involved by applying to join the IMVU Beta Group - see below for details.– NFTs 101 NFTs are new to many of us, so here is some basic information on what they are and how they work.  <ul><li>What is an NFT?<ul><li>NFTs (Non-fungible tokens) are collectable items with a digital certificate of ownership that is tracked on a blockchain for authenticity. NFTs allow people to verify that they are the official owner of an individual item. The owner of an NFT can keep or sell their NFT, similar to a real-world item when purchased.</li></ul></li><li>When will NFTs launch?<ul><li>A few already have! Check out our <a href="https://opensea.io/collection/imvu-fashion-show-2021" target="_blank">2021 Fashion Show NFTs</a> and our collaboration with <a href="https://thedematerialised.com/shop/shoes-53045/cybair-ice" target="_blank">SHOES 54035</a> for a few examples of NFTs that are already living in the IMVU world. A broader rollout, including creator tools and NFTs in Shop, as described in this post, are planned in the near future. </li></ul></li><li>What can an NFT be?<ul><li>Since an NFT is the certificate of ownership, nearly anything can be an NFT. On IMVU, you will first be able to create and own NFT clothing, hair, and some accessories; but over time, you’ll be able to also create and own NFT rooms, avatars, animations, furniture and more. </li></ul></li><li>How will NFTs work on IMVU?<ul><li>NFT items will be sold inside of the Shop and can be purchased using VCOIN. Once purchased, they will immediately be displayed in the NFT section of your inventory and shown to other users when they click the NFT icon on your profile badge. NFT buyers also get a gold profile badge and will have the ability to unlock future exclusive features. Unlike regular items, users will be able to resell NFT items they buy, with Creators getting a percentage of proceeds from the re-sale. </li><li>NFTs on IMVU will work natively for all users, meaning you don’t have to go through extra steps, such as connecting an external Web 3 wallet.</li></ul></li><li>How do IMVU NFTs affect the environment?<ul><li>NFTs on IMVU carry no gas fees - meaning there is no processing fee when you make or verify an NFT transaction. Our NFTs utilize the Immutable X platform, through the purchase of carbon credits. These carbon credits offset the energy footprint to zero for any NFT created or traded utilizing the Immutable X platform. </li></ul></li></ul> Benefits of creating NFTs on IMVU <ul><li>Why should I create an NFT vs. a regular item?<ul><li>NFTs provide new benefits and features to the IMVU community. An NFT comes with the ability for the owner to resell it, as well as exclusive access to a gold profile badge and other upcoming exclusive features. By creating an NFT, you are enhancing the IMVU experience for users while gaining an additional revenue stream from royalties on resells. NFTs also have the potential for increased overall value due to NFT exclusivity or limited runs. </li></ul></li><li>How do NFTs increase my earning potential?<ul><li>In addition to receiving a royalty with the initial sale, the original Creator can also earn royalties every time a user resells the NFT. The NFT has more functionality than a traditional IMVU digital item because it is owned, it can be resold, and it provides the user with exclusive benefits like a gold profile badge. Similar to the broader NFT market outside of IMVU, NFT prices in IMVU could become higher than traditional digital items due to the added ownership and functionality they provide. </li></ul></li><li>Are regular items being replaced by NFTs?<ul><li>Nope! IMVU will continue to support both NFTs and regular items. </li></ul></li><li>How are NFTs different from custom creations on IMVU?<ul><li>Custom items, like other regular items, are not capable of being resold and do not grant access to the exclusive profile badge or other future NFT-based features. </li></ul></li><li>How do NFTs protect against item theft?<ul><li>While there is no way to ensure the asset will not be imitated, an NFT proves that the particular item in question is authentic and owned by a specific user. Additionally, imitations of an NFT will not grant access to the exclusive profile badge or other future utility connected to NFTs. </li></ul></li></ul> What’s next? Stay tuned for events, contests and more opportunities exclusively for Creators as we work to bring this exciting new feature to our community. Get involved! Apply for the NFT Beta Group Interested in being involved in the development of the IMVU NFT experience? Apply to the NFT Beta Group here: <a href="https://www.surveymonkey.com/r/BQD26Y5" target="_blank">https://www.surveymonkey.com/r/BQD26Y5</a>!  Get excited about this new opportunity for IMVU Creators! NFTs on IMVU will provide an additional way for Creators to expand their business and creative talents, plus earn through resale.