Nonfungible token (NFT) startup Genies has secured $150 million in Series C funding at a valuation of $1 billion, making it the most recent crypto-focused platform to achieve “unicorn” standing.
The funding spherical was led by California-based non-public fairness agency Silver Lake, which manages $88 billion in belongings as of 2021, with further participation from current traders Tamarack Global, BOND and NEA. Genies mentioned the funding will go in direction of growing inner capability in its engineering division in addition to investing in new applied sciences.
Founded in 2017, Genies is an avatar know-how firm that first got down to goal social media and messaging platforms. Now, it’s making an attempt to capitalize on the metaverse, a type of catch-all phrase for firms seeking to bridge the bodily and digital worlds. The platform allows customers to create avatars that may be deployed in digital worlds. Its NFT market, dubbed “The Warehouse,” is constructed with Dapper Labs.
Genies claims to have gained 99% market share for movie star avatars via official partnerships with Universal Music Group and Warner Music Group.
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While NFT gross sales have slowed significantly from their peak final September, metaverse initiatives seem like respiration new life into the trade. Data from analytics agency Nansen just lately revealed that the NFT market’s metaverse section is rising quickly regardless of its overly speculative nature. Nansen classifies land, actual property NFTs, avatars and utility NFTs as metaverse performs.
Despite excessive volatility, the NFT market is rising at a quicker clip than the broader cryptocurrency market, in keeping with Nansen.