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

Posted by “RigsK” on June 22, 2022.

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.

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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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