Silver Lake led a round led by Bond, with participation from Tamarack Global and NEA. The funds will help the company push its blockchain-based strategy and further roll out its avatar creator tools. Currently, Genies has more than 100 employees and has partnered with Universal Music Group and Warner Music Group.
Genies is a blockchain-based company with 99% celebrity avatar market share
Genies has been attracting attention with ex-Disney CEO Bob Iger. The company is currently undergoing a beta trail that will give companies the opportunity to create their own Web3 ready avatars. The company also plans to extend its platform to the creation of avatar homes and full social experiences. Founded in 2017, Genies has more than 100 employees and recently launched The Warehouse, a decentralized marketplace for avatars. The company has also secured deals with the Warner Music Group and Universal Music Group.
The startup is generating over $50 million from investors, including Gucci, NEA, Breyer Capital, Tull Investment Group, and BOND. This funding has helped the startup launch the full version of its app, which already has over 1 million users and two million users waiting for the app to launch. The company also announced a partnership with Giphy, a social media site with over 700 million users.
Bob Iger will be joining Genies’ board after he leaves Disney in 2021. The company offers avatars to users of the metaverse and has partnered with several iconic music brands. Justin Bieber, Migos, Cardi B, and J Balvin are among the many famous celebrities who have signed up to use Genies as their official avatars. The company has also launched a fashion platform called Dapper Labs, which allows celebrities to sell fashion lines with avatars.
The company’s founders met while studying at the University of Pennsylvania and the University of Michigan. Later, they co-founded Blend, which was a social media site for college students. They then decided to build Genies on the Blend technology they developed. The startup has raised $30 million from Silicon Valley investors, talent agencies, and entrepreneurs.
Genies is now rolling out its mass consumer avatar creator tools to the public. These tools allow users of all technical expertise to create avatars and fashion lines. It also offers avatar creators full ownership rights over their creations. This allows them to use their creations in any way they want, including creating new brands and selling them in their own stores.
Genies is competing with the popular Bitmoji app, which has become a global phenomenon. Both companies provide customized emojis, but Genies has the edge in customization. Their partnership with Justin Bieber, Rihanna, and Cardi B has helped them gain access to the global celebrity avatar market.
Dapper Labs, a Vancouver-based blockchain experience company that’s behind the popular CryptoKitties NFTs, is collaborating with Genies to build a new avatar marketplace on the Flow blockchain. The new marketplace will offer a platform for digital wearable NFT collections. Genies has a plan to use the funds raised to hire more employees and invest in the avatar market.
Its creator tools allow users to create their own web 3-native avatars
Genies is a tech company that empowers people to design, customize, and sell avatars. It is backed by Silver Lake, an investor with a long track record in technology investments. The company has raised more than $1 billion, including participation from existing investors. The company’s tools allow users to create everything from fashion lines and homes to interactive worlds and experiences.
The company is backed by high-profile partners like Gucci and has recently launched its beta mobile apps. This expansion is an example of Genies’ commitment to creating a wide user base across many platforms.
Its NFT marketplace enables creators to buy and sell avatars
Genies, an online fashion platform, has signed a partnership with Gucci, which will release in-app clothing drops featuring some of the most coveted designers of the day. Genies is also working with Giphy to transform user avatars into GIFs. It is also developing an avatar SDK, and in February, it launched a limited-edition line of NFT apparel through Nifty Gateway. This limited-edition line featured Gucci, Mesut Zil, and pop culture artist BossLogic.
Genies is raising $65 million to build its nonfungible token marketplace. The funding was led by Bond and NEA, and venturebeat, Tamarack Global, also participated. The company plans to push its blockchain-based strategy and continue to roll out its avatar creation tools. The company currently employs more than 100 people and recently partnered with Warner Music Group and Universal Music Group.
Genies is building an ecosystem around NFT avatars, enabling creators to buy and sell their avatars. The company originally targeted messaging and social media platforms, but is now looking to capitalize on the Metaverse – the term used to refer to the intersection of the virtual and physical world. Its platform enables people to create and sell avatars, including celebrities.
The new funding will help Genies expand its NFT avatar ecosystem. It has already collaborated with celebrities and the gaming industry to create avatars. Genies plans to launch a beta version of the platform in Q3 2021. The company will use the new funding to hire across engineering and invest in its core technology.
The NFT market is already big business. The startup has attracted investment from venture capital firms and has raised over $325 million from two separate funds. The NFT platform will allow creators to sell and buy digital items based on nonfungible tokens, which are part of the blockchain.
In addition to Genies’ NFT avatar creator, the company has also developed a number of apps that allow users to create and share their digital personas. These apps are available for iPhones and Android devices. Users can also dress up their digital identities with various accessories.
While NFT sales have slowed since their peak last September, the industry is still thriving. The growth of metaverse projects has given a new lease on life to the NFT market. A recent report by Nansen analytics firm found that the metaverse segment of the NFT market is growing at a faster rate than the cryptocurrency market.