IMVU
| Company type | Private |
|---|---|
| Industry | Social networking service, Virtual environment |
| Founded | 2004 |
| Founder | Will Harvey, Eric Ries, Marcus Gosling, Matt Danzig |
| Headquarters | Redwood City , United States |
Area served | Worldwide |
| Products | Digital social networking service, virtual goods marketplace, virtual currency (credits, VCOIN) |
IMVU (, presented as imvu) is a digital social networking service and virtual environment.
History
Established in 2004 by Will Harvey, Eric Ries, Marcus Gosling, and Matt Danzig, IMVU received initial funding from venture capital firms such as Menlo Ventures, AllegisCyber Capital, Bridgescale Partners, and Best Buy Capital. The company’s headquarters are located in Redwood City, California.
Users of IMVU interact via customizable 3D avatars to communicate, generate content, and engage in gameplay. By 2014, the platform boasted approximately six million active participants and featured the largest collection of virtual merchandise with over six million items available as of 2011. Originally based in Mountain View, California, IMVU has sustained a significant role within the social networking and virtual goods industries.
The brand name does not stand for an acronym; it was selected partly because of its association with "IM," referencing instant messaging.
In March 2020, the platform introduced Live Rooms, a feature allowing users to organize interactive live experiences such as fashion events, educational talks, and virtual weddings that include audience interaction and tipping options.
In 2022, IMVU collaborated with Spectrum Labs to incorporate artificial intelligence tools aimed at encouraging positive online behavior and rewarding constructive interactions.
Credits
The economy within IMVU revolves around its unique digital currency, known as credits. Users can acquire credits by purchasing them with real-world money or earning them through various activities on the platform. These credits are used to buy virtual goods including avatar apparel, furniture items, and other user-created accessories.
IMVU supports a marketplace driven by creators where designers can market their digital products and earn credits convertible into actual currency through the company’s reseller initiative. In 2021, IMVU formed a partnership with the digital finance provider Uphold to facilitate the exchange of its blockchain-based currency, VCOIN, into fiat money. VCOIN is distinguished as the first blockchain token to receive a no-action letter from the United States Securities and Exchange Commission, providing regulatory assurance.