MetaJuice, a division of IMVU owner Together Labs, said its partners have deployed more than a million Web3 wallets for digital collectibles in the past two years.

MetaJuice aims to unlock blockchain-powered markets that allow everyone to create, earn, own, and shape the future of the metaverse, the universe of virtual worlds that are all interconnected, as in novels like snow shock Y ready player one.

John Burris, president of MetaJuice and chief strategy officer at Together Labs, said in an interview with GamesBeat that MetaJuice’s trends to sell digital collectibles with non-fungible tokens (NFTs) grew rapidly last year, outpacing the weak US retail market. U.S. physical goods.

“We’re really sharing in the continued success of our move from a Web2 platform to a Web3 platform,” Burris said. “Regardless of the state of the traditional gaming market or the Web3 market, we continue to advance our business plan.”

That means more than a million users have bought, held, earned or currently hold VCoin on the MetaJuice platform, he said.

“So far, we’re getting good results,” Burris said.

The popularity of these NFT-based digital collectibles has propelled the number of Web 3 wallets on IMVU to over a million in less than two years. Millennials and Gen Z (18-35 years old) are driving this trend, with virtual fashion, beauty, and streetwear items priced between $3 and $100 selling in the tens of thousands in an average of 7.5 minutes per launching.

“It’s really the loyal creators, and the real loyal users and the global user base that really get involved here early on,” Burris said.

Metajuice launched the platform last fall. Within the first month, MetaJuice reached the top 10 global NFT collectible transactions on DappRadar, which tracks all blockchain transactions. About 20% to 30% of NFTs are resold. IMVU has around four million monthly active users.

“We want NFTs to be affordable to the masses and have true utility so that owners can use, use, trade and earn social currency to enhance their daily digital lives,” Burris said. “Digital product sales in games and metaverses have grown steadily and NFTs will further drive their popularity through scarcity, uniqueness and proof of ownership.”

The MetaJuice team initially launched VCoin, a globally transferable digital currency, and announced VCore, an ERC-20 token designed to allow users to participate in shaping the future of the metaverse. VCore is available outside of the US.

JP Morgan analysts estimate that $54 billion is spent annually on virtual goods, and McKinsey & Company predicts that the metaverse could generate up to $5 trillion in value by 2030. The 10 fastest-selling products on IMVU are:

1. pop neon hair
2. idol hair fades
3. Blue sports shoes
4. Pink Hoodie Streetwear
5. dreadlocks
6. Idol Cropped Hair
7. bob pop hair
8. idol hair hairstyle
9. Glamorous dress shoe
10. Street Skater Hair

According to a previous survey, a large number of users engaged in cryptocurrency for the first time on IMVU in the form of a VCoin or NFT purchase, and 25% of NFT buyers engaged with the blockchain for the first time.

IMVU users recognize the value of NFTs and are willing to pay an order of magnitude more than the average non-NFT product because of its additional benefits and qualities on the platform, Burris said.

“We are bringing non-crypto users into crypto without them realizing it,” Burris said. “Users care less that they are NFTs and more that they are unique, ownable, resellable, and provide social currency. They are creating wallets, using VCOIN, and buying and selling NFTs. This trend will greatly increase our catalog sales revenue.”

Although many users enjoy using NFTs with their IMVU avatar, many items are collected and resold by buyers on the IMVU marketplace. The most popular item collections on the secondary market (based on the total percentage of collections sold) are:

1. idol hair
2. blue streetwear
3. pink streetwear
4. pop hair
5. grunge (masculine)
6. grunge (feminine)
7. Y2K (Male)
8. glamorous dress
9. glamorous outfit
10. Y2K (female)

“Do you want to feel special? Take a look at the NFT store. there is always something to wear that makes you feel special and unique,” user a1i5 said in a statement.

They say you can’t buy happiness but you can buy shoes. Me: I buy #IMVUNFT shoes,” said user Mike Moon, in a statement.

“My experience with NFT Exclusives has been excellent! My name stands out in gold and I have made new friends thanks to NFT Exclusives!” user karina64257 said in a statement.

For 2023, Burris said MetaJuice is working on some new partnerships, but said the company isn’t ready to announce them yet. He believes prominent celebrities, musicians and brands will engage in Web3 and metaverse experiences throughout the year. As for game companies, some seem to be moving more slowly. South Korean companies are moving faster.