Metaverse Startup Genies Sponsored by Bob Iger Passes $ 1 Billion Valuation

How to use the money? According to the company, the fund will accelerate its plan to launch avatar creation tools that will help users create their own avatars and avatar fashion collections. The company also said the funds will be used to hire new employees. A knowledgeable group of animation artists who have worked at Disney, Blue Sky, Weta, and Psyop, among other studios, are already working on Genies.

Wait, is former Disney CEO and Chairman Bob Iger involved in this? Iger, who ended his historic leadership career at The Walt Disney Company late last year, joined the board of directors of the five -year startup. When he make the announcement Last month, he explained that Genies’ mission is to empower “people to create ‘web3 mobile apps’: avatar ecosystems.”

Genies CEO Akash Nigam, 29, explained in an interview with Yahoo Finance shortly after he spoke with Iger for a long time. “[Iger] there is an unsatisfactory curiosity, ”Nigam said. “I think every good pioneer and product thinker can. That’s why he decided to join the board and we couldn’t be happier to have him.

Ok, go back and step. What else do the Genies do? Nigam’s own description of Genies, however noble it may be, is like “decentralized Apple on Web3”. Genies wants to be provided with tools that “enable individuals to present their own creations, ideas and businesses as ecosystems of avatars”. Right now it basically means you can buy, sell and create cg clothing to wear with your custom cg character.

What distinguishes Genies from its peers? There are already many other places that celebrities and creators can go to to enter the NFT metaverse ecosystem. Epic Games, for example, offers celebrity skins through its in-game icon series in the Battle Royal game. fortnite. Nigam says the main difference between Genies is “decentralization and ownership.” With Genie, all users, creators, and talents own their avatars and own all of their creations and may or may not sell them as they see fit on any metaverse platform.

Genie Avatars

How profitable is the NFT-metaverse market today? Genies recently launched The Warehouse, a marketplace for NFTs to buy, sell, and resell avatar creatures. Nigam did not want to give specific numbers, but he said the company is pleased with the dozens of available NFT drops it has made so far.

Is this a positive development for creators? Whether Metaverse is profitable or not for individual creators is another matter for everyone. It was reported earlier this week that Meta Platforms, formerly Facebook, is intended to charge nearly a 50% reduction in sales of digital assets in the growing metaverse. From that perspective, Genies ’5% discount is more friendly to creators, although as the industry matures, Genies will almost certainly be more aggressive in what it charges users.

Who else is involved? Genies investors include NBA parent company Top Shot, Dapper Labs, and Coinbase Ventures, the investment arm of Coinbase Global. It also has partnerships with Universal Music Group and Warner Music Group. Celebrity investors include Camila Cabello, Paris Hilton and Priyanka Chopra, while Rhianna, Justin Bieber, Shawn Mendes, Sia, Jaden Smith and Cardi B have their own Genies avatars and digital product lines. According to Nigam, many celebrities use their avatars to sell fashion lines reminiscent of big moments, including songs and video releases.

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