When the Securities and Exchange Commission gave its blessing to social media platform IMVU to launch VCOIN, it was a major leap forward for acceptable scope of crypto applications.
The implications for what sorts of projects the SEC considers a security are, in and of themselves, huge. But part of the appeal of VCOIN to the SEC is that, with its stable price and clear use case, IMVU has managed to demonstrate to the commission that the token is a means of making the platform a more lifelike digital world that is more fun to hang out in.
For those unfamiliar, IMVU advertises itself as “a social experience.” It’s similar to Second Life in that users take on 3D avatars with which to explore a world. In IMVU’s case, that world is mostly bars and clubs — 3D environments overlaid onto chatroom dynamics. But people spend money on those things and, in IMVU’s case, send money to each other.