Blockchain firm MetaJuice, a subsidiary of Together Labs, on June 21, said it will launch NFT marketplace in the IMVU metaverse – an avatar-focused social network – having over 1 million daily active users.
NFT, or a non-fungible token, is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.
MetaJuice has collaborated with IMVU creators for its inaugural collection of wearable in-world apparel NFTs, harnessing the power of the existing IMVU community.
“The NFT marketplace will unlock new functionality our users are excited about, providing our 200,000 creators even more ways to earn. Introducing scarcity, proof of ownership, and ancillary benefits to virtual goods will supercharge the IMVU economy,” said Daren Tsui, CEO of Together Labs, the parent company of IMVU.
What can users do?
In the first phase of the launch, IMVU users will be able to wear and showcase their NFTs in the metaverse.
And, if users choose, when wearing an NFT in a room or experience, they will have a special badge and name colour in the room and in the chat.
Other users will be able to see that and click on the avatar and find the information and metadata about the NFT that is making them appear special.
“IMVU users have long purchased millions of dollars a month of digital goods,” said John Burris, President of MetaJuice. “With the increased benefits brought by exclusives, limited runs and resell, we believe NFTs will be additive to our already vibrant virtual economy.”
To kick off the NFT Marketplace, IMVU is collaborating with metaverse-native luxury fashion house Auroboros to host a design challenge. The challenge is to create a couture digital design using iconic symbols and textures inspired by nature, created by Auroboros.These designs will be converted into digital wearables and NFTs to be featured and sold on the IMVU NFT Marketplace and the creators will receive a portion of the sales as part of the prizing package.