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Who can create NFTs on IMVU?
Creators can earn VCOIN by creating NFTs with IMVU Studio if they are part of the Earn Money Program and can purchase VCOIN . Learn about the Earn Money Program here .
Initially, all NFTs must be created from new meshes or derived from IMVU base products. Creators can make NFT Exclusives with a total quantity of 1, or Limited Edition NFTs with a total quantity of up to 1,000 per item.
Only avatar-based products can be created as NFTs. Creating room and furniture NFTs may be released in the future.
All users can send VCOIN, receive VCOIN, and convert VCOIN to Credits. All users who can purchase VCOIN can purchase NFTs on IMVU. VCOIN earned through Gigs or gifted by friends can be used to purchase NFTs on IMVU.
There may be some restrictions on countries and US states where VCOIN can be purchased or withdrawn. See full list here.
How do NFTs on IMVU increase my earning potential?
Unlike regular items, NFTs on IMVU allow you as a Creator to earn new VCOIN revenue from the initial sale and royalties every time a user resells your NFT Exclusive or Limited Edition NFT.
In addition, your earning potential could increase because the prices for NFTs on IMVU could become higher than prices for regular items.
You are also enhancing your customers' experience since they receive a gold profile badge and access to other upcoming features when they purchase an NFT on IMVU.
How do you create NFTs on IMVU?
Creating an NFT on IMVU is similar to creating a regular product on IMVU Studio. Initially, all NFTs must be created from original meshes and derived from IMVU empty base products. Other Creators will not have the ability to derive from your published NFT.
Note: IMVU prohibits the submission of Copyright and Trademark violations to the IMVU catalog. To learn more, please read the Copyright and Trademark Infringements section of the Terms of Service.
FINDING NFT-ABLE PRODUCTS TO DERIVE FROM
Step 1: In IMVU Studio, click on the “CREATE” button or the “+” tab to enter Derive Mode as you would normally do.
Step 2: Select a product in the catalog that is “NFT-able” (derivable as an NFT). You will notice a special tag denoting these products.
The only products currently allowed are IMVU owned empty base products.
To make it easier to find NFT-able products, you can use the filter on the left.
Step 3: Derive and create your product as you normally would!
PUBLISHING NFTs
Step 1: Once you have created your item and are ready to publish, go to the INFO panel and select the option to mint your product as an NFT. The panel will change to include NFT specific product data.
Step 2: Input all your product data. See definitions of new NFT specific data below.
- Product description: details about your product. Maximum of 255 characters.
- Total Quantity: between 1 to 1,000 copies.
- Attributes: Select from a list of color, theme, class, genre and many more to choose from. The values for your attributes are open-ended.
- Sale Price: Fixed sales price in VCOIN. Minimum of 250 VCOIN ($1 USD). All NFTs in a set will be listed at the same price.
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Publish Controls:
- List for sale: Enabling will list your product for sale in the Shop once it passes Peer Review
- Searchable: Enabling will allow your product to be found in search results
Step 3: Submit your product! After you pay a submission fee in VCOIN, NFTs on IMVU go through our Peer Review process and will then be minted and appear in the Shop for sale.
Unlike regular products, NFTs are minted on the blockchain so product details cannot be changed once your NFT passes Peer Review and is minted.
How do NFTs on IMVU affect the derivation chain?
Initially, all NFTs must be created from new meshes or derived from IMVU base products. NFTs on IMVU automatically become non-derivable and non-NFT-able. The Creator earns VCOIN from the initial sale and a portion from the resale of their NFTs.
In the future, Creators will be able to make NFTs on IMVU from other Creators’ products if they are set as NFT-able. IMVU-based products will be NFT-able by default. All items not owned by IMVU will not be NFT-able by default.
In the future, Creators will need to opt-in to allow others to create an NFT from their products. Creators will only be able to derive from an existing non-NFT item and mint a new NFT item if one of the following apply:
- The Creator of the parent product is IMVU (e.g. base product); or
- The Creators of the parent products, along with the full derivation history, have specifically opted-in to allow their derivations to be published as an NFT.
In the future when an NFT on IMVU is sold, a royalty will go to the original NFT Creator and is distributed to Creators along the derivation chain if applicable.
Are regular items being replaced by NFTs on IMVU?
Nope! IMVU will continue to support both NFTs and regular items.
How are NFTs different from customs on IMVU?
Custom items, like other regular items, are not capable of being resold, and do not grant access to the gold profile badge, NFT-only rooms, or other future NFT-based features.
Being part of the blockchain also allows for an NFT on IMVU resale to be traced with each transaction detail part of their codebase.
Creators can choose the total quantity of an NFT on IMVU to 1 for NFT Exclusives or up to 1,000 for Limited Edition NFTs. This value cannot be changed subsequently since the item will be minted with blockchain technology.
How much does it cost to create NFTs?
Similar to our current Shop and other online marketplaces, there are standard fees that go towards supporting Creators and NFTs on IMVU. See below for an explanation of each fee.
What is the submission fee?
A flat 250 VCOIN ($1 USD) submission fee covers the cost of publishing your NFT on IMVU. This fee cannot be paid in Dev tokens.
What is the third party fee?
The third party fee covers the cost for minting, payment processing, and third party fees to our partners Uphold, Immutable X, Apple, and Google.
What is the IMVU platform fee?
The IMVU platform fee covers the cost for future investments in the IMVU platform, ongoing research & development, maintenance of the servers that all IMVU experiences use, etc.
How will NFTs on IMVU be protected from copyright infringement and theft?
NFTs on IMVU rely on smart contracts, which use blockchain technology to track ownership of NFTs. These contracts behave similarly to how property and vehicle titles are used to track ownership of physical items.
Other than Limited Edition NFTs which have a set quantity determined by the IMVU Creator, imitations of NFTs will not have the exclusive gold profile badge or access to future exclusive features.
If you believe your intellectual property has been stolen, NFTs on IMVU will follow a similar process to our current DMCA process. IMVU can also remove stolen NFTs from the Shop.
What is a smart contract?
A smart contract is a piece of programming that lives on the blockchain and executes automatically, without the input of a centralized source. They are used to track ownership of digital items, similar to how property and vehicle titles are used to track ownership of physical items.
Because all transactions are recorded on a public blockchain, they are immutable and censorship resistant as no central part has rights to control or alter ownership.
On IMVU, smart contracts are primarily used to automatically guarantee royalties to Creators no matter whether the sale happens on our platform or somewhere else. If your creation is sold, you get a piece of it.
Learn more about NFTs on IMVU! |
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