Virtual tokens can be used to buy and sell digital goods and services on your platform. Depending on your implementation, tokens managed by Tilia can be backed by fiat currency (USD), and sellers may cash out these tokens for real-world value. This enables you to create a rich in-world economy for your users.
Virtual tokens are managed with two wallets:
- Standard token wallets are used by buyers. Buyers purchase tokens on your platform, and funds are added to their standard wallet. Standard wallets contain tokens that can be spent within the system. Tokens in these wallets cannot be converted.
- Convertible token wallets are used by sellers, creators, and other users who receive tokens on your platform. Convertible wallet tokens can either be spent or converted to fiat currency. Once converted, funds may be available for cash out through Tilia's payout process.
There are several things to consider when creating a token-based economy. Our team will walk you through the process to ensure you're set up for success. In the meantime, you may want to check out our Virtual Token developer guide.