Dapper Labs-backed NFT avatar platform raises $65M in funding

Tuesday 04 May 2021, 3:50 PM AEST - 1 week ago

Digital avatar developer, Genies, has raised $65 million to build an NFT marketplace for digital avatars on the Flow blockchain led by several heavyweight investors, including Flows developers, Dapper Labs.

SEC filings dated May 3 reveal the California-based company recently closed a $65 million Series B funding round led by investment firm Bond, alongside Coinbase Ventures, Tull Investment Group, Breyer Capital, and Dapper Labs.

The $65 million is slated to fund the development of Genies NFT Marketplace, which will allow users to create and trade tokenized avatars, in addition NFT clothing worn by the avatars. Genies expects to launch its marketplace in beta during the third quarter of this year.

In a tweet revealing the funding, Genies stated it hopes to become the single virtual portable identity across the digital world, offering users a means to express themselves within the virtual metaverse.

Genies launched in 2017, initially targeting for its avatars to be used on centralized social media and messaging platforms. On April 29, Genies announced it would be teaming up with Dapper Labs to launch a Genies marketplace on the Flow blockchain.

Move over NBA Top Shot @dapperlabs has a new pet project. The Genies Marketplace is on track for a beta release this summer⚡️https://t.co/Oui29g1sqa

— GENIES (@genies) April 28, 2021

In an interview with VentureBeats gaming division, Genies CEO, Akash Nigam, noted the firm is transitioning to target a broader audience after init ...

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