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Genies Puts In $65M To Launch NFT'

Genies Puts In $65M To Launch NFT’

After the second round funding which amounted to $65 million, avatar developers, Genies are on the move to starting up NFT market.

Other big investors like Flow’s developers, Dapper Labs have in conjunction with Genies spearheaded the fund raising. This goes with the target to create NFT market for digital avatars.

The round B funding of Genies was championed by investment firm Bond together with Coinbase Ventures, TullI Investment Group, Breuer Capital, and Dapper Labs.

Genies hopes to be launching its NFT marketplace by the penultimate quarter of 2021 in beta. The hallmark of this funding is to initiate NFT market which will avail users opportunities to barter tokenized avatars, including NFT clothing for the avatars.

Genies pursues the dream to be the sole “virtual portable identity across the digital world,” such that users can communicate their thoughts within this universe of universes, according to an entry about the funding.

Genies declared on the 29th of April that it would in collaboration with Dapper labs start up its own marketplace on the Flow blockchain. Prior to this, it launched  in 2017, with the aim to get its avatars at the forefront of centralized social media and communication transfer system.

Genies’ CEO, Akash Nigam In an interview with VentureBeat’s gaming division pointed out the the company is widening its vision so as to incorporate larger audience, as against its previous plan of having only celebrities enjoy its avatars in the digital creation and activities.

The CEO further stated that the platform will run uncomplicated software so that young people aged six even, can design their own digital collectibles, which they can put up for auction.

In celebration of Mesut Ozil’s exit from Arsenal F.C to Galatasaray, Genies made available a number of NFTs in the month of March. This marked the company’s first attempt in NFTs. The sales were made on Nifty Gateway as Genies made about 518 tokens sale, each pricing $670 or close to $347,000.


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