Rec Room Tokens Can Now Be Converted To IRL Cash, With A Catch
Rec Room Plus premium users can now convert their hard-earned tokens - acquired from selling their digital creations to others - for real world money.
Creators can now exchange one "eligible token" for around $0.0004 USD, but you'd better check you're eligible before you try to swap.
Starting late last year, Rec Room made waves when they allowed their premium members to begin selling their marvellous creations for in-game tokens which could be used to purchase outfits or gifts for friends.
However, if you've recently acquired a bunch of tokens "while glitching 3D Charades", you're out of luck - Rec Room have begun to distinguish between 'Eligible tokens' and 'Ineligible tokens' when it comes to cashing out with IRL cash.
'Eligible tokens' are going to be those you receive from selling your Premium Inventions and Keys, and your Eligible token balance will be available on your Rec.net page. Alternative, 'Ineligible tokens' will be those earned from playing Rec Room games and can still be used to buy in-game gear and cosmetics. When you do, Rec Room have confirmed that your Eligible tokens will be used last, allowing you to "retain as much of your eligible earnings as possible."
As of the time Rec Room released their blog post detailing the switch late last month, 1 Eligible token = $0.0004. That means that you could earn $400 for exchanging 1 million tokens.
You can currently exchange in groups of 1 million tokens - up to 25 million tokens - once a month, the blog post explains. It also lays out a couple of other caveats that are important to note. Here's the small print, straight from the blog post:
"- Your account is at least 30 days old
- Your account is not a Junior account
- Your account has a verified email address
- Your account has an active RR+ membership
- You haven’t been banned in the last 90 days
- You are not actively restricted from selling
Here are a few examples:
- If you have 1.5 million eligible tokens, you can exchange 1 million tokens for $400.
- If you have 2.5 million tokens, you can exchange either 1 million tokens for $400 or 2 million tokens for $800.
- If you have 2.5 million tokens, you can exchange 1 million tokens for $400 on March 31st and then another 1 million tokens for $400 on April 1."
To check your eligibility and request payment, simply head over to the Seller Stats page on your Rec.net profile. Here, you'll be prompted to sign up to Tipalti, the payment processor Rec Room are working with.
Oh, and you'll need to give them your personal, tax and bank information.
Unfortunately, you won't be the only one working hard on your business in the VR industry after you start earning $$$ for your creations. A recent report from The Information has revealed that almost 20% of Facebook's employees are currently working on VR technology.