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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.
LA tech newsLA’s 5 Largest Tech Funding Rounds Totaled $260M in April
Once an avatar has been created it can be turned into a gif via a software integration with Giphy. Once that’s done, you’re all set to toss it into iMessage to share with friends and family.
“The internet was initially created as a safe place to be your fully authentic self.
Lately, we’ve gotten away from that,” Akash Nigam, CEO of Genies, said in a statement. “We believe that avatars are able to help swing the pendulum back to the internet’s founding philosophy and enable humans to harness and express emotions in unique, authentic, and therapeutic ways.”
Genies also provides its users with the option to purchase limited-edition items in its digital marketplace.
Genie avatar system and to continue to build out the digital goods marketplace on Dapper Lab’s Flow platform. This will make it compatible with nonfungible tokens, or NFTs, which permit users to create uniquely identifiable digital items with the help of blockchain, the secure and transparent digital ledger behind cryptocurrencies such as Bitcoin.
MetaBeat will bring together metaverse thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 3-4 in San Francisco, CA.
“We’re going to offer tools so that a 6- to 16-year-old teen in high school can create their own digital wearable and goods collection and then release it in the marketplace and sell to the masses as well,” said Genies CEO Akash Nigam in an interview with GamesBeat.
Genies 65m series bond labstrip
The company has thousands of celebrities using its Genies for album releases, song announcements, and more. Celebrities using Genies include Shawn Mendes, J.Lo, Offset, Rihanna, DJ Khaled, Justin Bieber, Cardi B, and J Balvin.
Now users can design custom avatars and buy digital good items in a brand and celebrity marketplace before using them via customized Giphy integration on platforms like Instagram, Facebook, and others.
Users can create their own limited edition digital goods in the Genies marketplace as “drops.” The consumer experience includes creating a digital character of yourself from options including hairstyle, body type, clothing, fantastical accessories, and a growing list of things that could come from your imagination.
Nigam believes Genies avatars will make the metaverse possible, but not as a single virtual world.
These rights include the right to reproduce the work, make a derivative (or a sequel) of the work, distribute copies of the work, publicly perform the work, or publicly display the work. With NFTs the issue is a bit more complicated.”
He made the comparison of rights obtained via ownership of physical art, such as a Jeff Koons sculpture, versus shares of digital art purchased as an NFT.
“With the purchase of a piece of physical art (such as a sculpture), you naturally have the right to display the art in your home or possibly exhibit it at a museum.
However, if you want to distribute t-shirts using an image of the sculpture or reproduce the sculpture for a friend, you may not have the right to do so as the copyright rights may still belong to the artist.
We’ve become the official avatar and digital events distributor for all of their talent underneath that umbrella.”
NFTs were always part of the Genies vision, but Nigam didn’t think they would go mainstream for a while. Now that they are getting closer to doing so, the company has begun to roll out its NFT strategy with art drops for celebrities like Mendes.
“The cool thing is that Genies isn’t an NFT company.
And we’re also not a crypto company,” Nigam said. “It’s like we’ve been talking about the philosophies and concepts of NFTs for years, but we’ve been talking about it as a comparison to digital goods, on skins that you see in video games. And we’ve talked about unlimited capacity, exclusive capacity, and so forth.
But never said the acronym NFT until we started to realize what was going on in the past year.
Venice-based avatar technology company Genies announced Monday that it raised $65 million in a Series B led by BOND.
Over the past two years, Genies has worked with a wide range of celebrities to create custom digital avatars for album releases, song drops and more. The company has worked with top-billing talent like Rihanna, Cardi B, J Balvin and Justin Bieber.
The star-studded list doesn’t stop there, songstress Camilla Cabello is listed as one of the company’s investors.
Now, Genies is beginning to roll out the beta version of its platform for consumers. The consumer experience will enable users to create customized digital characters with the option to choose their own hair style, body type, clothing and accessories.
They uniquely understand what consumers and builders truly want and are enabling the ultimate avatar ecosystem for all.”
The new injection of capital will be used for continuous hiring across engineering and to further invest in the core technology of Genies’ avatar universe.
For more information, please visit https://genies.com/.
ABOUT GENIES, INC. Genies is culture’s leading avatar technology company empowering humans to create their own avatar ecosystems. Genies provides tools (Genies Avatar Creator OS) that allows users to create their own avatars, avatar wearable fashion lines, avatar worlds, and avatar interactive experiences in web3.
Dogecoin in it for approximately $148. The OpenSea and Rarible models differ, however, in that OpenSea includes the minting of the NFT as part of their process,7 whereas with Rarible, a seller has to pay to mint the NFT before the sale.8
Hybrid marketplaces, such as Genies, which closed a $65M funding round in May 2021, is a company that allows buyers to create custom avatars and is building tools and a marketplace where a consumer can create or buy customized wearable NFT goods, such as digital Gucci and North Face jackets, for those avatars.9 Dapper Labs, as another example, owns a series of gaming franchises and also co-created and operates Top Shot, an NFT marketplace with over $500 million in sales for animated trading cards for the NBA.10
Moreover, some marketplaces specialize in only a single type of NFT.
All creations are minted on Dapper Labs’ blockchain network, Flow.
Egon Durban, Co-CEO of the lead investor Silver Lake, said:
“Genies has established its leadership in Web3 with remarkable speed and focus, fueled by a long term vision and clarity of purpose that we have been watching closely and greatly admire. We’re excited to partner with and support Akash, his co-founder Evan, and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity.”
“It takes a very special team to operate and build at the intersection of culture, digital assets, and identity,” said Jamie Lee and John McCormick, Tamarack Global.