IMVU is teaming with metaverse-native luxury apparel business Auroboros to conduct a design contest to kick off the marketplace. Auroboros’ aim is to develop a couture digital design utilizing famous symbols and textures inspired by nature.
On June 21, blockchain firm MetaJuice, a subsidiary of Together Labs, announced the opening of an NFT marketplace in the IMVU metaverse, an avatar-focused social network with over 1 million daily active members.
A non-fungible token, or NFT, is a financial asset comprised of digital data stored on a blockchain, a kind of distributed ledger. The blockchain records the ownership of an NFT, which can be transferred by the owner, enabling NFTs to be sold and exchanged.
MetaJuice worked with IMVU creators to create its first collection of wearable in-world clothing NFTs, using the power of the current IMVU community.
“The NFT marketplace will enable additional capabilities that our consumers are looking forward to, giving our 200,000 artists even more possibilities to earn.” “Adding scarcity, evidence of ownership, and ancillary advantages to virtual products will turbocharge the IMVU economy,” said Daren Tsui, CEO of IMVU’s parent firm, Together Labs.
What can users do?
IMVU users will be able to wear and display their NFTs in the metaverse during the initial phase of the launch.
In addition, while wearing an NFT in a room or experience, participants will have a distinctive badge and name colour in the room and conversation.
Other users will be able to see this and click on the avatar to obtain the facts and metadata about the NFT that makes them stand out.
“IMVU customers have long bought millions of dollars in digital items every month,” stated MetaJuice President John Burris. “With the added advantages of exclusives, limited runs, and resale, we feel NFTs will contribute to our already thriving virtual economy.”
IMVU is teaming with metaverse-native luxury apparel business Auroboros to conduct a design contest to kick off the NFT Marketplace. Auroboros’ aim is to develop a couture digital design utilizing famous symbols and textures inspired by nature.
These ideas will be transformed into digital wearables and NFTs that will be showcased and sold on the IMVU NFT Marketplace, with the artists receiving a percentage of the sales as part of the prize package.