VRYNT Credits are used to purchase Collectibles, Components, or Component Packs on the VRYNT website. These credits are used exclusively on the VRYNT platform and do not have any monetary value outside of VRYNT.io. VRYNT Credits or VC can be purchased using VRYNT Tokens, a debit/credit card or crypto.
In most cases, the appropriate amount of credits will be purchased for you automatically. There are some instances where you do not have enough credits to purchase an item, and will be prompted to "Top Up" or purchase the appropriate amount of credits.
VRYNT Credits are available to purchase in "bundles" ranging from 500 VC to 100,000 VC. The more you purchase at once, the greater your bonus VC. Example: If you purchase 100,000 VC, you receive an additional bonus of 20,000 VC, versus buying 10,000 VC with an additional 1,500 VC. That said, we've made bundles affordable for everyone, and awarded savings to all who opt to buy more than the smallest bundle of 500 VC.
VRYNT credits are not cryptocurrencies, they only exist on the VRYNT platform, and can only be used to purchase items on the VRYNT platform.
The two primary point systems on VRYNT.io are VRYNT Credits (VC) and VRYNT Proceeds (VP). As we discussed earlier, VC is used to purchase items on the website. VRYNT Proceeds (VP) on the other hand is what sellers receive in return when they sell items on VRYNT.io. Let's take a look at an example. A seller lists an Collectible for sale on VRYNT for 1000 VC. A buyer purchases this item from the seller for 1000 VC. In return, the seller will receive 1000 VP (minus fees and royalties).
VRYNT Proceeds (VP) can be viewed anytime (if you have received them) by clicking on your profile icon in the top right-hand corner of the page and looking to the right of "Claim Proceeds."
VRYNT Proceeds can be converted to VRYNT Credits to purchase additional Component Packs at a rate of 1:1. They can also be converted to VRYNT Tokens after users have completed KYC at the current volume adjusted exchange rate for VRYNT tokens at the time. In the case where VRYNT tokens are not listed on any exchange, VRYNT will make other mechanisms available to claim proceeds.
If a user opts to convert their VPs to VRYNT Tokens, the tokens will be sent to their wallet. The user can then elect to hold these tokens or to swap them to another currency on a supported crypto exchange.
