Genies, a metaverse customizable avatar maker, has raised $150M funding at a $1B valuation.
The LA-Based company makes avatars for people in the metaverse. The avatars are customizable so that everyone can change their appearance as per their needs and wants.
The best thing is that celebrities are given their own avatars that they can use as stand-ins for their metaverse events.
In the future, the avatar company plans to push its own blockchain strategy by rolling out its own tools. These tools will enable anyone to allow to create their own avatars and customize them as well.
As of now, Genies avatars can’t be used and represented in any of the metaverse games.
Last year in May, the company raised $65 million in funding by partnering with Warner Music Group and Universal Music Group.
Now, Genies is the official avatar and NFT provider for both the Music Groups.
Recently, Genies rolled out avatar creation tools to a small group of players in a private (closed-alpha) community to see how the creation tool performs. The purpose of this tool is to see if any technical level of user can create an avatar or not. With the new avatar creation tool, the users can now create not only avatars, but also the fashion collections for the avatars, homes, and other social experiences.
Genies wants to give you full control over the avatars. According to CEO Akash Nigam, the avatar creators will have full ownership and rights for their created avatars. They can choose to trade them or use them in any way they choose to. This will create a whole new range of possibilities for creativity and income.
Recently, Genies has launched an NFT marketplace called The Warehouse where creators can buy, sell, or trade their digital assets within the ecosystem.
CEO Genies, Akash Nigam’s Message
“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2”, said Akash.
“With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. 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”, Akash Added.