Over the past several years, I’ve covered my fair share of avatar companies that were all chasing the same dream – building a customizable platform for a digital personality that has pervaded the game and digital space Adopted form. Some of those startups I’ve covered in the past are still around. But by lavishing a string of successful partnerships with celebrity musicians, LA-based Genesis has come closer than any startup before realizing the full vision of a broader startup avatar platform.
The company announced today that they have discontinued the $ 65 million Series B led by Mark Meeker’s firm Bond. NEA, Breyer Capital, Tull Investment Group, NetEase, Dapper Labs and Coinbase Ventures also participated in the deal. Mark Meeker will join the Geniz board. The company did not disclose the most recent valuation of Genies.
The funding comes at a turning point for an eight-year-old company unseated by investments from NBA top-shot maker Dapper Labs and crypto giant Coinbase. As announced last week, the company is building an NXT platform on Dapper Labs’ Flow Blockchain, partnering with startups that will build the backend for the Janis Avatar accessories store. As Dapper Labs leverages its exclusive deals with sports leagues to ship NXT with official endorsement, Janice plans to capitalize on her partnership with celebrities in her roster, including Justin Bieber, Sean Mendes wants to create a platform to buy and trade Cardio B and others. Avatar Accessories.
In October, the company announced a brand partnership with Gucci, opening the startup to another big market opportunity.
Janes’ business has largely focused on leveraging high profile partnerships to give their entertainment customers a digital presence that they are sharing on social media and beyond. As they started Avatar creation to all users through the beta mobile application, before that it focused on one of the more lucid dreams of avatar companies; Build an extensive network of avatar users and a wide network of compatible platforms through its SDK.
“An avatar is a vehicle for being able to showcase more of your authentic self,” Akash Nigam, CEO of Genies, tells TechCunch. “It is not limited by real-world obstacles, it is a alter-ego personality.”
NXT world trends have provided new places of exploration for genies, but so have broader age trends that have pushed more users to fully digital locations where they socialize and connect. “The epidemic intensified everything,” Nigam says.
The corporation emphasizes that despite the major opportunity that its upcoming NFT platform will offer, Genies is still an avatar company and, first of all, not an NFT startup, although he says he believes crypto-backed Digital goods are going to be for a long time. He has some doubts that the current environment around digital goods helped Jinn’s round of funding, which he says was “6-8X oversubscribed” and an opportunistic knack for startups that could take years to lift Were.
The company says that their crypto marketplace will launch in the coming months, as early as this summer.