Genies Secures $150M Series C to Expand Development on Metaverse Avatars – Road to VR
Genies Secures $150M Sequence C to Increase Growth on Metaverse Avatars – Street to VR 7

Genies, a 3D avatar firm, introduced it’s raised a $150 million Sequence C funding, one thing it says will be used to rent extra engineering expertise and proceed improvement on its non-fungible token (NFT) based mostly “avatar universe.”

The spherical was led by personal fairness agency Silver Lake, and consists of participation from present traders BOND, NEA, and Tamarack World. This brings the corporate’s complete exterior funding to $202 million, with the corporate now valued at $1 billion.

The corporate’s fundamental focus for now could be on avatar creator instruments and digital vogue collections which it hopes will likely be used throughout the metaverse—and never simply sit in a crypto pockets. The corporate envisions creating avatar properties and social experiences sooner or later—presumably additionally minted as tradable NFTs.

In late 2021, Genies notably inked a partnership with Common Music Group and Warner Music Group to launch its personal NFT market, known as ‘The Warehouse’. Customers and creators on the platform should buy, promote, and commerce avatars and equipment, that are minted on Dapper Labs’ blockchain community, Movement. The deal additionally noticed NFT partnerships with various musicians, together with Justin Bieber, Migos, Cardi B, and J Balvin.

“We consider avatar ecosystems are going to form Web3 the identical method that cell apps outlined Web2,” stated Akash Nigam, CEO of Genies. “With each development of the web, an expansive new area of entrepreneurial talent units is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, by means of our creator instruments, we attempt to empower their wildest imaginations, concepts, and experiences as avatar creations.”

It’s not clear whether or not this explicit blockchain tech will turn out to be the usual for digital possession within the Web3 future, the place digital property possession is about to go nicely past footage of cartoon apes. Simply the identical, many family names within the XR business are additionally leaping into the NFT craze. HTC opened its personal NFT market in December, albeit solely devoted to ‘flat’ NFT artwork for now. Meta is planning on doing the identical on its social community Fb, though there’s nonetheless no clear launch date.

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