Genies, a digital avatar developer, has raised $ 65 million to create a digital avatar marketplace for NFTs on the Flow blockchain, led by several major investors including Flow developer Dapper Labs.
SEC filings from May 3 show that the California-based company recently completed a $ 65 million Series B funding round led by investment firm Bond, along with Coinbase Ventures, Tull Investment Group, Breyer Capital and Dapper Labs.
A total of $ 65 million is planned to be spent on the development of the Genies NFT marketplace, which will allow users to create and purchase avatars, as well as NFT outfits that are used by avatars. Genies plans to launch its test market in the third quarter of this year.
In a tweet revealing the funding, Genies said they hope to become “the only portable virtual identity in the digital world,” providing users with a way to express themselves in a virtual poetry home.
Genies was launched in 2017 and was originally intended to use avatars for social media and central messaging platforms. On April 29, Genies announced that it will partner with Dapper Labs to launch the Genies Marketplace on the Flow blockchain.
In an interview with VentureBeat’s gaming arm, Genie CEO Akash Nigam indicated that the company is moving towards a wider audience after initially planning to introduce custom celebrity avatars for use in digital events and presentations.
Nigam said the platform will host simple and intuitive tools that will enable children as young as six years old to “create their own digital laptop and set of merchandise and then market and sell them to the masses.”
In March, Genies released the NFT Series in March to commemorate the transition of professional footballer Mesut Ozil from Arsenal Football Club. Galatasaray in the company’s first attack on non-refundable tokens. The tokens were auctioned at Nifty Gateway, where Genies sold 518 tokens at $ 670 each, or about $ 347,000.