AMA Recap Vol.161 — — MetaJuice
At 13: 00 pm (UTC) on June 7th, John Burris, President, Brendon Lindsey, Markting Director were invited to be the guest of AMA in TokenHunter Official Telegram Group. During the AMA, John Burris & Brendon Lindsey introduced MetaJuice and its unique advantages in detail. John Burris & Brendon Lindsey shared the token $VCORE of MetaJuice. Not only that, but they also answered many questions from users.
MetaJuice is launching our VCORE token into the IMVU app, which is the world’s largest web3 social metaverse. IMVU has a community of 700,000+ Daily active users, 4 Million+ monthly active users, and 200,000+ active UGC creators/earners that have been engaging with digital currencies and digital assets for 19 years. There are over 1.25M active wallets in IMVU, and NFT integration already has the project ranked in many top-ten lists at DappRadar. VCORE will be an important part of this dynamic economy.
John Burris & Brendon Lindsey’s sharing knowledge points are full, and here we will sort out the essence of AMA for everyone to review.
Q1. What is the vision and strategy of VCORE within the IMVU metaverse?
John Burris: As VCORE launches into IMVU’s already global community (over 120 countries, 13 languages supported) there are a number of
capabilities/upgrades that VCORE will enable. VCORE will do this by being a critical part of: the IMVU metaverse economy, the game/social play reward system, the NFT system, paying earners, and giving users a voice in shaping the IMVU metaverse through governance-like actions. Our aim is for the VCORE token to be utilized across a larger metaverse ecosystem in the future. The team backing VCORE are enthusiastic believers in interoperability and in building a true, open metaverse, and we are part of OMA3. The ability to seamlessly transact or move assets freely from one world to another is key to maximizing the potential of the future metaverse economy. As an ERC-20 token, VCORE will have deep utility in the IMVU platform and the ability to exchange between users off the platform as well. It will be an important part of the IMVU economy, player experience, and features in the future.
Q2. How will Web3 and NFTs transform the overall user experience and value-add for the IMVU and broader Web3 user-base?
Brendon Lindsey: Traditional gaming platforms control nearly all the goods, services and assets of the users. VCORE, by contrast, will enhance a legacy economy where true ownership, off platform commerce and conversion to other crypto/fiat were not possible. VCORE will launch inside an existing, massive, global metaverse — IMVU — who’s user-led economy has been active for over 19 years. Most web3 and metaverse tokens are being launched while products are being built, and have to build their community and user base simultaneously. VCORE, in contrast, is launching inside a highly successful active metaverse where the community is already buying virtual currencies, purchasing digital items (20M+ a month), and building out their digital spaces (rooms, land, etc.) IMVU’s existing success and profitability give us a unique advantage. We have the freedom to develop new features and utilize VCORE within IMVU, without being dependent on token activity or value
Q3. The IMVU community is notably a strong and large one, what can you tell us about the success and traction of the platform?
John Burris: IMVU, the home for VCORE, is the world’s largest web3 social metaverse platform, and has been building its community for the past 19 years. IMVU is a top grossing social app and leads all other web3 metaverses in users, daily transactions, and digital items sold — a market leader with:
* 350M+ registered accounts
* 120+ countries
* 4M Avg MAU
* 20M+ monthly transactions
* 60M+ user created items
* 1.25M+ crypto wallets on-platform
Along with 10k+ new user created digital items each day, there are also over 400k on-platform experiences (rooms, spaces, buildings, land) that one can find in IMVU today, and also an active service industry already taking place in IMVU where users pay other users for platform services.
We recently started selling NFTs to users on IMVU, and have sold over 41k so far — all created and sold by IMVU. Soon, 200k+ creators on IMVU will be able to mint and sell their digital items as NFTs, with VCORE being a key part of that. The process to mint and sell NFTs is seamless for web2 or web3 users thanks to our integration partnership with Immutable.
Q4. IMVU has a strong creator community with most of the content on it created by users. How are you integrating what MetaJuice is doing on IMVU with web3 communities?
Brendon Lindsey: We’re working with a variety of partners in the web3 space, including Animoca, Immutable, Uphold, and more. They’re helping us seamlessly integrate web3 features into IMVU, and providing valuable experience and knowledge as we work together to launch VCORE and NFTs on IMVU and to the web3 audience. Our VCORE presales attracted 15 backers in the space (including Animoca Brands, Immutable, Bitkraft, Sky9 Capital, and Mirana Capital). For our NFTs, we’re working with a number of NFT projects and artists including Nadya Tolokonnikova (co-founder of Unicorn DAO and the creator of Pussy Riot), Not Your Bro, and Freak City. We also have several well-known brands and artists from outside the web3 space that we are working with to introduce them to our metaverse and to web3, which we’ll have more to share later.
Q5. What does the team have planned for the future? What can the community expect from following the IMVU and MetaJuice Web3 journey?
John Burris: Our long-term vision is to transform the IMVU ecosystem and economy fully to web3 in a way that is seamless for the community while enabling everyone to own, earn and participate in the future of the metaverse. In the short term, we are preparing to launch our full NFT integration into the IMVU creator studio which will enable 200,000+ IMVU creators to mint the items they’re already creating with a simple click of a button. VCORE will be heavily integrated into this quickly growing NFT economy in IMVU. We’re working on adding new features for NFTs on IMVU which could include things like NFT rooms, access passes/tickets, rentals, gaming, and more. For VCORE, outside of becoming an important part of the economy on IMVU, we’re working on features that include governance-like abilities, and rewards for users who play and spend time in the metaverse. As we plan future development for IMVU, we’re always looking for ways to introduce more web3 features and technology to the platform that will benefit our users and creators.
The questions from community question part.
Q1. Why invest in $VCORE ? Can you tell me where the opportunity is?
Brendon Lindsey: The unique advantage VCORE has over other metaverse tokens, is that it’s being introduced to an ecosystem that is already successful, and has millions of more active users than current metaverses. IMVU has been around for 19 years, and its economy is already dynamic with tens of millions of digital item transactions every month. As we continue introducing NFTs to IMVU and open up the ability for creators to mint their own NFTs by just checking a box when they make an item, VCORE will be an important part of that new economy. We’ll also be using VCORE in the platform in other ways in the future, like allowing users who hold it to have a say in shaping the metaverse many of them have made their home for nearly two decades of their life. This is a long term token for us, that we’ll continuously be developing for our community and hopefully one day for communities outside of just IMVU. Those that purchase VCORE and use it in and aroundIMVU will see value in that ownership.
Q2. As a Web2 project, why did you choose to enter Web3? What do you think is the biggest difference in attracting users between the two?
John Burris: The metaverse has become a buzz word recently, but for us it’s been the key function of our business for nearly two decades. Long before most people even knew the term, we had millions of users creating a virtual life for themselves on IMVU. Users have created and built successful businesses both creating items, and providing services. Users have met, fallen in love, and got married on the platform (and then later in real life). And many users can be their authentic selves on IMVU, without fear of repercussions they may face in the real world for being who they are. In many ways, the metaverse world mirrors the real one. The one thing, to us, that has always been missing is the concept of ownership in the digital space. In 2020 we started creating blockchain assets for IMVU and introducing the audience to web3. Many IMVU users had never heard of web3, and if they had it was in a negative light. Focusing on the positive aspects like digital ownership, we’ve now onboarded over 1 million users to crypto on IMVU, and with our NFT creator studio and VCORE launches, we’ll be onboarding a lot more. All of this is being done to help give our users the ability to further own and benefit from their actions in the virtual world. As far as the biggest differences in attracting users, I think one of the key things is just the size of the possible audience. Web3 is still growing, and there’s a small number of users who are looking specifically for web3 products (compared to users who are familiar with web2). That’s why we’ve worked so hard to create organic and seamless ways for our users to transition to web3, rather than target the same web3 metaverse users who jump from platform to platform currently.
Q3. I know you mentioned that NFT Free Mint is coming. Meanwhile, you have recently shared some information about $VCORE. So is there any special news that can be secretly told to TokenHunter fans today?
Brendon Lindsey: We can’t say too much since we’re trying to do things carefully and very legit! One thing I can say is that we will be giving some special rewards on IMVU later when users holding the MetaCritter NFTs connect their wallets, which are the genesis free mint NFTs we just announced for our community that you mentioned. For example, getting Orangey and Fuzzy (who will be revealed for the first time very soon!) as NFT pets on platform that you can use or sell on IMVU. We also have a lot of other exciting announcements coming soon, so be sure to follow MetaJuice on Twitter!
Q4. I found two different token’s in MetaJuice ecosyste, $VCORE and $VCOIN, Can you tell us about both of this token , what’s the utilities and differences between this $VCORE & $VCOIN token?
John Burris: The IMVU metaverse will have two ERC-20 tokens as a part of its ecosystem/economy. $VCOIN is like digital cash for the metaverse. It is a fixed price asset that users treat like fiat in and outside the metaverse. We actually worked with regulators in the US to ensure the $VCOIN model was totally compliant. Then, now, we are introducing $VCORE — this is a mixed mint token available to the IMVU users, others outside the US. It will be exchange traded and used in the metaverse in a number of ways: buying NFTs, rewards, paying earners, giving users a voice in the future of the metaverse, etc.
Q5. About your NFTs, Can you explain further about the utilities of these NFTs within your platform? Are they meant to be held as simple collectibles or will they have additional benefits? Also, will you have your own marketplace to sell and buy the “MetaCritter NFT”?
Brendon Lindsey: Thanks for the question, Vanessa!
The first and current reason to own NFTs on IMVU is for the collectibility nature. NFTs are a way to introduce scarcity and limited edition items to our metaverse, where previous digital items were not restricted in quantity. They allow users to have something special, and they also allow creators to start beginning their own brands that people can collect.
But we have a lot of future utility planned for NFTs on IMVU. Some of the things we’re working on include tying NFTs to accessing spaces/rooms (like tickets), allowing rentals for users who own NFTs, and unlocking things like new badges or display options on IMVU based on NFTs you own.
The other benefit for owning the NFTs on the platform as opposed to traditional digital items is that with NFTs, users can resell them when they don’t want them anymore. So it will be more like real world items for users, where when they are done with something, they can sell it to someone else and earn VCORE back that they can either cash back out into fiat, other crypto, or use to buy new things for their account/avatar.
Q6. To start playing #themetajuice ,how much money do I need? Is it required that I have NFT characters or a specific number of themetajuice Token’s? Also Tell Us How does $VCOIN focus more on the player experience in and out of the games to create a balance for playing and earn?
John Burris: great question @Tanikablanco — the IMVU metaverse is free to play. Everyone can download the IMVU app to their Apple or Android device OR download our desktop application or just use the web. New community members can create their avatar for free and start to engage with the 700,000+ users that will be on the platform today. So it costs nothing to join and start to enjoy others from around the world (13 languages are supported). $VCORE will be integrated into the economy of IMVU (buying NFTs, paying creators, peer-to-peer payments), into the game/social play of the platform (rewards) and will give holders of $VCORE a voice in the future of this metaverse that has been in market for over 19 years.
End of AMA.
Let’s witness the future of MetaJuice !
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