Genies 65m dapper flowtakahashiventurebeat

Genies expects to launch its marketplace in beta during the third quarter of this year.

In a tweet revealing the funding, Genies stated it hopes to become the single “virtual portable identity across the digital world,” offering users a means to express themselves within the virtual metaverse.

Genies launched in 2017, initially targeting for its avatars to be used on centralized social media and messaging platforms. On April 29, Genies announced it would be teaming up with Dapper Labs to launch a Genies marketplace on the Flow blockchain.

Move over NBA Top Shot @dapperlabs has a new pet project.

Last week, for instance, singer Justin Bieber announced his Christmas album on Twitter through his Genie.

Nigam said once Genies are up and running on Flow – the new blockchain built by Dapper Labs to flee the scaling constraints of Ethereum – Bieber could, for example, issue a certain number of signed Santa hats with his Christmas album announcement. The non-fungible tokens (NFTs) are digitally unique and can be sold and traded among users.

“Justin Bieber already sells vintage collectibles to his fans,” Nigam said. “We’re just extrapolating what they already do in the physical world and bringing it to the digital world.”

Roham Gharegozlou, CEO of Dapper Labs, added that users do not need to know the specifics of blockchain technology to understand true ownership.

“If something is on the blockchain, you own it and you can sell it.

Genies is set to launch its custom made 3D digital avatars in a partnership deal with Dapper Labs on its blockchain. This initiative is introduced to bridge the gap between celebrities and their fans.

The collabo with the team behind CryptoKitties and now NBA Top Shot is seen by Genies as a way to introduce Gen Z-ers to the blockchain.

“Dapper Labs was a brain-dead fit for us to be able to further educate our young users,” Genies founder Akash Nigam told CoinDesk in an interview.

Genies has established itself as an avatar company bringing celebs closer to their fan bases, one digital representation at a time. With the pandemic, Nigam said there are now more incentives for influencers to interact virtually with their fans.
Think of it as a way to make up for all those cancelled concerts, sporting events and meetups.

The Genies Marketplace is on track for a beta release this summer⚡️

— GENIES (@genies) April 28, 2021

In an interview with VentureBeat’s gaming division, Genies’ CEO, Akash Nigam, noted the firm is transitioning to target a broader audience after initially planning to offer celebrities customized avatars to use in the context of digital events and launches.

Nigam stated the platform will host simple and intuitive tools allowing kids as young as six to “create their own digital wearable and goods collection and then release it in the marketplace and sell to the masses as well.”

In March, Genies released a series of NFTs in March commemorating pro-soccer player Mesut Ozil’s move from Arsenal F.C to Galatasaray in the firm’s first foray into nonfungible tokens.

Startup Genies has raised a total of $65 million to fund the development of its avatar creator. The company touts the creator as a way to express user identity virtually and explore wearable digital goods.

Genies took another step toward its goal of becoming the first company to offer full virtual identities to users around the globe. The company started out digitizing celebrities to capture noteworthy events such as album releases, guest appearances, and song drop announcements.

The demand for these digital likenesses grew during the pandemic and helped celebrities earn when they can’t physically travel.

A few of the hundreds of celebrities who use Genies include Rihanna, DJ Khaled, Justin Bieber, Cardi B, and Jennifer Lopez.

Now, Genies has made the move to beta test their platform for use by a wider group of consumers.

Using your Genie avatar, you can be anyone you want to be in the way you want, communicating across the vast digital landscape.”

The idea of virtual avatars has long fascinated the human mind in science fiction literature especially in cyberpunk from books and movies such as “Snow Crash” and “Ready Player One.” And virtual reality is still making headway as Facebook Inc., HTC Corp. and others bring VR headsets to the mainstream with virtual avatars become a way for people to interact with friends, family and coworkers.

Image: GeniesA message from John Furrier, co-founder of SiliconANGLE:

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Digital avatar programmer, Genies, has raised $65 million to build an NFT marketplace for digital avatars on the Period blockchain led by several heavyweight investors, including Flow’due south developers, Dapper Labs.

SEC filings dated May iii reveal the California-based visitor recently closed a $65 meg Series B funding round led by investment firm Bond, alongside Coinbase Ventures, Tull Investment Group, Breyer Capital letter, and Dapper Labs.

The $65 million is slated to fund the evolution of Genies’ NFT Marketplace, which will permit users to create and merchandise tokenized avatars, in addition NFT wear worn past the avatars.

The fact that we can allow anybody to sell digital goods and wearables is what gets me really excited.”

The NFT craze

Above: Akash Nigam is CEO of Genies.

Dapper Labs is the team behind NBA Top Shot and CryptoKitties, which have generated hundreds of millions of dollars in NFT sales. A lot of people are excited about the nascent technology of NFTs — which has benefited from the craze stirred by Elon Musk‘s endorsement (and his wife/musician Grimes), Bitcoin breaking $50,000, GameStop shareholders’ grassroots revolt against Wall Street, and NBA Top Shot (listen to this ESPN podcast about it).

“It’s exciting for the whole category,” Nigam said. “The next big play is Genies is going to be powering the whole marketplace. And we announced our partnership with Warner Music Group.

In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations.”

Genies has 99% celebrity avatar market share through its partnerships with iconic music brands – Universal Music Group and Warner Music Group as their “official avatar and digital goods NFT provider” with thousands of Genie creators including Justin Bieber, Migos, Cardi B, and J Balvin.

Bringing the power of NFTs and crypto to culture, Genies’ avatar ecosystem NFT marketplace “The Warehouse” built with Dapper Labs, allows talent, IP, and creators to design and sell their avatar ecosystem creations (i.e.

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Genies has raised $65 million to boost its avatar creator, which the company is touting for virtual identity and wearable digital goods.

Genies wants to become the virtual identity for people to express themselves in the digital world. It started with celebrities to capture moments for events such as album releases, song drops, and guest appearances, and it saw greater use over the pandemic.
That has helped celebrities generate revenue even when they can’t go someplace in person. And now Genies is expanding this to wider groups of consumers in beta form.

Bond led the round, with participation from NEA, Breyer Capital, Tull Investment Group, NetEase, Dapper Labs, and Coinbase Ventures.

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