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Together, blockchain firm Metajuice, a subsidiary of Together Labs, said on June 21 that it will launch an NFT marketplace in the IMVU Metaverse — an avatar-focused social network — that has more than 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. Ownership of NFTs 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 their inaugural collection of wearable in-world apparel NFTs, harnessing the power of the existing IMVU community.
“The NFT Marketplace will unlock new functionality that our users are excited about, providing our 200,000 creators with even more ways to earn. Short of virtual goods, ownership,” said Darren Tsui, CEO of Together Labs, IMVU’s parent company. The introduction of proof of and ancillary benefits will supercharge the IMVU economy.
What can users do?
In the first phase of launch, IMVU users will be able to wear and display 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 color in the room and in the chat.
Other users will be able to view it and click on the avatar and find the information and metadata about the NFT that is making them special.
“IMVU users have long bought millions of dollars of digital goods a month,” said John Burris, president of Metajuice. “With the increased benefits brought by exclusive, limited runs and resale, we are confident that NFTs will be an additive to our already vibrant virtual economy.”
To launch the NFT Marketplace, IMVU is collaborating with Metaverse-native luxury fashion house Ouroboros to host a design challenge. The challenge is to create a couture digital design using iconic symbols and textures inspired by nature, created by Ouroboros.
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Copyright © e-Eighteen.com Ltd All rights reserved. Reproduction in whole or in part of news articles, photos, videos or any other material in any form or medium is prohibited without the express written permission of moneycontrol.com.
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