Hello everyone, and welcome to another entry for the blog. Today we are going to discuss the new feature on IMVU. NFTs came rather suddenly to IMVU. As far as I can recall, there wasn't much warning. It just happened. Thankfully IMVU has a website made just for this information. NFTs are described as...
NFTs (Non-fungible tokens) are exclusive, collectable items with a digital certificate of ownership that are tracked on a public blockchain for authenticity. NFTs will allow anyone who owns an exclusive item, whether it’s a unique pair of shoes or a custom outfit, to verify that they are the official owner of that individual item.
It then goes further to explain what an NFT Exclusive is defined as...
Since an NFT is the certificate of ownership, nearly anything can be an NFT Exclusive. On IMVU, you will first be able to buy, resell, and create your own NFT Exclusive clothing, hair, and accessories. Over time, you’ll be able to also create and own NFT Exclusive rooms, avatars, actions, furniture, and more.
I wanted to talk about this new feature. Simply because of the fact that something this different changes the way the game is played. That makes this interesting. This is also my chance to share my thoughts on it. I did this with the fashion shows when it happened, and I enjoyed it. The best place to begin is the video they shared.
The good news is the video is only 19 seconds long; the bad news is it is not helpful. We are going to take a moment to analyze each panel. That way, we both can hopefully learn more.
I should mention that I will skip over the Introduction panel for the video. It has no real purpose other than to be an introduction image.
Anyway, these are what some of the NFTs look like. I assume they will look the best when you use Mobile IMVU or IMVU Desktop. Because it seems like the items will be Imvu+ products. Honestly, I see the products available in the shop, and I am not impressed. There is nothing there that screams "I need you right now" out to me. It's just very cheap-looking items. Which is rather disappointing. The Find An NFT Exclusive As Unique As You looks promising. That doesn't fit me now. After all, if I spend the money, it has to speak to me. At this moment, the items say "go away" or "run away as fast as possible." So... yikes.
As you can see, the act of reselling is coming to IMVU. Sadly, it is only available for NFTs. By the looks of the video, these NFTs are available for resell in the IMVU shop. I don't know how it works, but I don't believe it should be too hard to figure out.
So by the looks of it, all you have to do is purchase the item, and then once you decide you want to sell it, go to the item in your inventory, and there you go. It seems you can sell it for any price that your heart desires. The question of if anyone buys it is a different matter. I hope now that they are offering this feature, it will eventually be available for ALL items in the shop, not just the NFT items. I feel like a lot of people would be happier with that.
Should reselling be available for all items?
Yes.
No.
This next panel talks about how if you buy an NFT item, you get the NFT badge. Your username and your profile picture border turn gold. I'm not saying it is boring; I am just saying it is a tiny difference that I can promise no one will notice or care about.
Now, this is a part that I am excited about. Creators will also get the option to make their own NFTs. I am excited because there are so many amazing creators out there. I am much more likely to purchase an NFT from a creator than I am to buy from the IMVU shop. It will be interesting to see what the creators make and maybe review it down the road.
The thought of unlocking exclusive features down the road is interesting to me. It has been a while since anything exclusive like that came around. As far as I know, the last thing that came about was the new VIP tier feature. Unless you watch the video itself. You wouldn't realize they are dancing. It makes me wonder if that is part of the exclusive features. It wouldn't make any sense, though, because dancing already exists. You can buy dances from the shop right now. Do they plan on putting a stop to that? Or are these more exclusive hard-to-get/make dances?
The last panel in the video is this. Unfortunately, the website was cut off. If you would have liked to explore it, then click here. The link will open in a new tab. This has a peculiar logo on it. That last logo (the "V" one) means that NFTs will only be available to purchase through V-coins (IMVUs virtual cryptocurrency). I don't know many people that use V-coins. So that may be a bit of a problem for IMVU. Even those that use V-coin, I don't think many would pay hundreds of real-life dollars for a pixel item. Which is what you are doing when you do use V-coins.
This is where I find it interesting. You can't currently use the IMVU classic to purchase NFTs (which doesn't surprise me). You also can't use the IMVU Desktop app either (that one does surprise me). They seem to try to push you to download the Desktop app every chance they get. So I'm surprised they aren't using the NFTs as an incentive for you to download it now. It could be an advantage to get people to download the Desktop app. You can shop for NFTs on the mobile app and the IMVU Next website. That is all that is currently available at this moment. When you click to go to the NFT section, you get these pages first...
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As you can see, it explains the NFTs. Most of which we have already covered because of the video. There are a couple of slides I think need to be gone over.
So my guess was correct after all. You can only buy the NFTs with V-coins. No surprise there, to be honest, they are pushing those V-coins every chance they get. The next panel to talk about is...
The items can be sold in the shop. How that works, I am not sure. It does, however, make my hypothesis from earlier incorrect. I said the items would be sold in their personal inventory. It is now clear that the items will be sold straight back into the shop.
An earlier slide said that the items are one of a kind, something that no one else can have. So that makes me wonder if someone buys an item, it is no longer available. Essentially that there is only one item available for purchase. Which I mean makes it more interesting. So good job on that.
Now, after you get through the information part of the section, you get to the actual items. It looks something like this...
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These items are expensive. I wish I could go through and say how much each item would be in US dollars. However, trying to do that math (I'm going to be completely honest with you) doesn't interest me. When an item is no longer available, it will look something like this...
When the item is purchased, it cannot be sold again. So my hypothesis from earlier was correct, at least about this. It fits the exclusive vibe. I actually like this aspect of it.
When you click on an item that is available for purchase, you will see something like this...
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I can't believe they give out so much information about these items. From a description down to a sales history, they show it all. They also give you an "I" in a circle icon for you to click on. This gives you a bit of an explanation as to what it is. I have taken each word and the definition of the word and made it into a collapsible list. It can be seen below this paragraph.
Contract Address
The address where the smart contract is deployed on the blockchain.
Token ID
Attributes
Sales History
A lot of information for such a little pixelated product. Though this also makes what I said earlier correct. Only one person can own the item. It will not be available again until the person who bought it has decided that they want to sell it. That is good to know.
I will give my opinion on this more when we finally get a collection from the creators. I feel like that is the best time to judge this feature. I really hope that this works out. Surprisingly enough, I feel like it could lead to good things down the line. It could definitely lead to more events for IMVU in the future. Just off the top of my head, I had ideas of creators throwing release parties for their items and, of course, fashion shows. Those types of things are one way to get IMVU recognized. Hopefully make it new, exciting, and fun again. Something that people will want to be a part of and spend real money on. It could even lead to real-life designers coming to IMVU as they did with the fashion shows. Only this would be even more exclusive as it's on a first-come, first-served basis and not a time-sensitive collection like the fashion items were.
That is all I have for you today. I will definitely be posting another entry to the blog about the NFTs the creators have done when they come out.
Just a small announcement for the blog... I am posting again. My last entry for this blog previously was October 12th. To say it plainly. I was struggling. I couldn't get out blog entries on time, and the blog suffered because of that. I couldn't get on a schedule that fit my real life and online needs. I didn't have the time to breathe and relax, let alone time to create. So because of that and other things, I decided to close the blog. It was a rash decision. One that I should have taken the time to evaluate. However, closing the blog down even for this short time has made things easier, I will admit. Anyway, I am here to tell you that this blog entry marks the reopening of the blog (again). Hopefully, it will be the last time it needs to be reopened. As of right now, the blog entry will be posted every Wednesday at 8 pm EST. I will let you know if that changes. I try to use the blogs Instagram a lot for that information. So be sure to follow it.
Thank you all for reading. And until next time,
Stay True Stay You Stay Stylish ♡
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