Overview
In order to convert your vertex colors to a texture, we are going to first unwrap the UVs of our model in Blender, and then we’ll be able to transfer our vertex colors to a texture using MeshLab.
Cleaning Up Your Model
You’ll need to first export your model as an OBJ from MasterpieceVR. After you’ve done that, you can import your model into Blender.
It’s a good idea to remove duplicate vertices and decimate the mesh.
To remove duplicate vertices: Right click your model, then press Tab to ender edit mode. Press the A key to select all. After that, press the “Remove Doubles” button on the bottom of the left bar.
To decimate the model: Press Tab to exit edit mode. On the right side of the screen there is a row of icons. Select the blue wrench. Select the “Decimate” option from the “Add Modifier” dropdown.
Once you have done that, you begin reducing the complexity of your model. There should be a bar labelled “Ratio”. Change this value until it is as low as it can go without ruining your model.

UV Unwrapping
Right click your model and then press Tab to enter edit mode. Press the A key to select all.
After that, press the U key to bring up the UV Mapping menu. Select “Smart UV Project”. Lowering the angle limit is a good idea. It should look something like this:

There! The model is unwrapped!
Transferring Vertex Colors to a Texture
Export your model as an OBJ from Blender.
It’s time to open MeshLab. You’ll need to import two models into MeshLab. First import the OBJ that you exported from MasterpieceVR, then import the OBJ that you exported from Blender.
Next you need to select “Transfer: Vertex Attributes to Texture” from The “Filters” dropdown.
After that, you need to select the MasterpieceVR model as the source, and the Blender model as the target. Click “Apply”. The texture should be saved in the same location as your model.
Now you can now apply that texture to the unwrapped model in your preferred application!