“The NFT marketplace will unleash new capabilities that our customers are thrilled about, enabling our 200,000 artists with further options to profit,” stated Daren Tsui, CEO of Together Labs, the holding company of IMVU. Together Labs is IMVU’s parent company. IMVU’s economy will see a significant boost as a result of the implementation of rarity, ownership verification, and supplementary advantages for virtual items.
IMVU customers will be able to demonstrate their NFTs in the metaverse during the initial stage of the rollout, which will allow them to don their NFTs. In addition, players will have the option to do so, and if they do so while sporting an NFT in a certain room or encounter, they will have a unique “badge” and name shade in both the venue and the chat. The rest of the users will be able to witness that, and when they tap the avatar, they will be able to access the data and metadata on the NFT that is giving them an air of superiority.
John Burris, President of MetaJuice, said, “IMVU customers have been purchasing digital products each month for millions of dollars for a long time. We feel that the addition of NFTs will be beneficial to our already thriving digital marketplace due to the enhanced advantages that are brought about by reselling, special editions, and restricted releases.”
IMVU will be hosting a design competition in conjunction with the local metaverse premium fashion brand Auroboros. The objective of this competition is to develop a fashionable digital design with Auroboros’s original icons and patterns that were inspired by natural phenomena. These ideas will be turned into electronic wearables and NFTs, which will then be displayed and marketed in the IMVU NFT Marketplace. As an element of the prize bundle, the designers will earn a share of the sales as their compensation for participating in the competition.