VCOIN, the transferable digital currency used in the social metaverse app IMVU, has launched a debit card in partnership with digital money platform Uphold, allowing users to take value earned inside the virtual world and spend it in real life.

IMVU users can now withdraw VCOIN to an Uphold account and spend it using the Uphold debit card, earning 2% cashback on every purchase, both online and in store.

How the card works

The card is available first to US residents, with international availability to follow. Digital-only cards are free to order and use through the Uphold Card app, while a physical card carries a one-off fee of $9.95. Cashback on purchases is paid into the cardholder’s Uphold account.

From virtual economy to real wallet

VCOIN was first introduced inside IMVU, the friend-discovery and social metaverse app operated by Together Labs. IMVU runs one of the larger virtual economies of any social platform, with around 27 million transactions and 14 billion credits changing hands each month, according to the company.

The debit card closes the loop between that in-app economy and everyday spending. Creators and users who earn VCOIN by selling virtual goods or participating in the community can now convert those earnings into money they can use at ordinary merchants, rather than keeping the value locked inside the app.

A test case for the creator economy

The launch reflects a wider effort across gaming and virtual worlds to let users earn real income from in-game activity. It also highlights the regulatory hurdles involved: by routing withdrawals and spending through Uphold, an established and regulated money platform, VCOIN relies on a partner already set up to handle compliance, identity checks and card issuing.

How widely users adopt the card will be watched closely by other platforms considering whether to let virtual currencies flow out into the real economy.

English Premier League football club Wolverhampton Wanderers (Wolves) has entered the Rocket League Championship Series (RLCS). 

Wolves already fields rosters in FIFA 21, FIFA Online 4, PUBG, Identity V, and Pop Kart Racing, and is the first Premier League club to enter the RLCS. 

Discussing the news Wolves General Manager for Marketing and Commercial Growth, Russell Jones, said:

“Gaming and esports remain a crucial part of our brand growth strategy and signing such talented and ambitious players to represent our Rocket League esports team is another step forward in our journey to build stories outside of football and widen the appeal of the Wolves brand across the world.

“We have spent the last six months scouting teams and players and are delighted to welcome Rix, Luis and Ole, who will become Wolves Esports for the remainder of the current RLCS season X and beyond. We will be offering the team our full support as they compete in the winter split.

“I’d also like to thank the University of Wolverhampton who continue to be an exceptionally supportive partner of the Wolves Esports programme.”

While Team Captain of Wolves Esports Rocket League, Rix Ronday, added:

“It is a real honour to captain the first-ever Wolves Esports Rocket League team. I’m confident that we have recruited two of Rocket League’s most exciting talents in Ole and Luis and we are working hard behind the scenes to prepare for the RLCSX Winter Split kick-off.”

AYO.NEWS says:

Wolves have already demonstrated their enthusiasm for esports, using it to strengthen what is now a powerful global brand – for example, way back in February 2019, it became the first Premier League club to enter Chinese esports, through a partnership with Weibo eSports Club.

And, given the very real possibility of COVID-19 causing further disruption to football, diversifying the brand into multiple esports seems like a smart way to ensure fan engagement can continue, come what may.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.

Natus Vincere is the latest esports organisation to partner with fan engagement platform Socios.com.

Ukraine-based Natus Vincere (Na’Vi) says it will be launching a Fan Token on the blockchain-based fan voting and rewards application from Malta-based Chiliz. 

By purchasing $NAVI tokens, fans will gain voting rights, and be able to influence selected decisions made by the organisation. 

5 million $NAVI fan tokens will be made available at launch, with a limited number sold at just $1 USD each during a flash sale to get the ball rolling.

Discussing plans CEO of Natus Vincere, Yevhen ‘HarisPilton’ Zolotarov, said:

“What we are launching today is the next eventual step in switching to a new dynamic of interacting with our devoted audience. Socios.com creates an opportunity to become an actual and viable part of NAVI, as $NAVI tokens are the real way to influence our decisions. In fact, it is a way of making all the crucial decisions together.

“We truly hope that our #NAVINATION members will enjoy the opportunity to make a real difference  with NAVI during the next few years.”

While Founder and CEO of Chiliz and Socios.com, Alexandre Dreyfus, added:

“NAVI’s ‘Born to Win’ mentality has already forged a really strong alliance with their fanbase. The organisation has always been focused on creating a special bond with players through YouTube vlogs and social media activity, but now NAVI are taking things to the next level. $NAVI Fan Tokens are going to give fans a real say in the future of the organisation and real decision making power, not to mention the chance to win some amazing rewards too.”

Thus far, Socios.com is dominated by football clubs (Paris Saint-Germain, Juventus, AS Roma, Atletico Madrid, to name but a few), with Na’Vi becoming only the third esports organisation to join, after OG and Team Heretics. Mixed martial arts organisation UFC is also partnered with the app. 

AYO.NEWS says:

With so many things competing for fans’ attention, driving long-term, sustainable fan engagement is critical for the commercial viability of esports and traditional sports organisations alike. 

While Socios.com has attracted a lot of attention, other platforms like Blocksport are also making headway – indeed, Russian organisation Virtus.pro announced it had selected the platform earlier this week. 

Meanwhile Gen.G Esports recently partnered with blockchain network Rally to launch its own CS:GO crypto fan token called GG Strike Coin. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.