Use Nifty Images with VMA Emailer to send personalized Images to your contacts.
In your Nifty Images account select "Create Image Or Timer".
Select "New Personalized Image".
Select or upload your own image. Then Save your options.
Make sure "ElasticMail" is selected as the ESP.
Copy the HTML.
In your VMA Emailer template, use a text layout box.
Choose the Raw HTML option, then paste the HTML.
Add some CSS to auto adjust the image width.
When the template is sent to a campaign, contact's first names will be merged into the image.