IMVU also recently started inserting advertisements into the site and spending some of its profits on online marketing. “We’re kind of like an eBay for virtual goods,” Rosenzweig said. After they sell credits, these brokers transfer the credits to the buyer on IMVU, where IMVU takes a small processing fee in the form of credits. If developers want to cash out, they can do so through a free market economy that allows them to sell credits directly to third-party registered credit brokers, who buy and sell credits on third-party websites. They keep the vast majority of the credits proceeds from sales of their virtual goods. Developers can get training on 3-D artistry and within a very short time upload their creations for a nominal credit fee. Users buy credits from IMVU and then use those credits to buy items from each other. Rosenzweig said the business model is dependent mostly on the sale of virtual currency. Those users are adding more than 4,000 customized 3-D items for sale each day. With the new interface, more users are clicking on “buy it.” In the past 30 days, more than 35,000 user-developers have sold virtual goods. They can then purchase the clothing with virtual currency by clicking on a “buy it” button. That interface allows users to try clothes on their avatars using a “try it” button. Users can create their own avatars for free, but IMVU got a big boost this summer after it launched a new user interface. Since 2004, IMVU’s own users have created more than 3 million items, giving IMVU the biggest catalog of virtual goods in the world. IMVU grew its revenue primarily by increasing the sale of virtual currency to its members, who use that currency to purchase virtual goods ranging from clothing for their avatars to furniture for their rooms.
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