Dapper Labs-backed NFT avatar platform raises $65M in funding


Digital avatar developer, Genies, has raised $65 million to construct an NFT market for digital avatars on the Flow blockchain led by a number of heavyweight buyers, together with Stream’s builders, Dapper Labs.

SEC filings dated Might 3 reveal the California-based firm just lately closed a $65 million Collection B funding spherical led by funding agency Bond, alongside Coinbase Ventures, Tull Funding Group, Breyer Capital, and Dapper Labs.

The $65 million is slated to fund the event of Genies’ NFT Market, which is able to enable customers to create and commerce tokenized avatars, as well as NFT clothes worn by the avatars. Genies expects to launch its market in beta in the course of the third quarter of this 12 months.

In a tweet revealing the funding, Genies stated it hopes to change into the one “digital moveable id throughout the digital world,” providing customers a method to specific themselves inside the digital metaverse.

Genies launched in 2017, initially concentrating on for its avatars for use on centralized social media and messaging platforms. On April 29, Genies announced it could be teaming up with Dapper Labs to launch a Genies market on the Stream blockchain.

In an interview with VentureBeat’s gaming division, Genies’ CEO, Akash Nigam, famous the agency is transitioning to focus on a broader viewers after initially planning to supply celebrities personalized avatars to make use of within the context of digital occasions and launches.

Nigam acknowledged the platform will host easy and intuitive instruments permitting children as younger as six to “create their very own digital wearable and items assortment after which launch it within the market and promote to the plenty as properly.”

In March, Genies released a sequence of NFTs in March commemorating pro-soccer participant Mesut Ozil’s transfer from Arsenal F.C to Galatasaray within the agency’s first foray into nonfungible tokens. The tokens had been auctioned on Nifty Gateway, with Genies promoting out of 518 tokens for $670 every, or roughly $347,000.