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 traders, together with Circulate’s builders, Dapper Labs.

SEC filings dated Might 3 reveal the California-based firm not too long ago closed a $65 million Sequence 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 can 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 yr.

In a tweet revealing the funding, Genies stated it hopes to develop into the one “digital transportable id throughout the digital world,” providing customers a method to precise themselves throughout the digital metaverse.

Genies launched in 2017, initially focusing on for its avatars for use on centralized social media and messaging platforms. On April 29, Genies announced it will be teaming up with Dapper Labs to launch a Genies market on the Circulate 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 custom-made avatars to make use of within the context of digital occasions and launches.

Nigam said 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 lots as effectively.”

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 have been auctioned on Nifty Gateway, with Genies promoting out of 518 tokens for $670 every, or roughly $347,000.