Quick take:
- Genies founder and CEO is giving ownership rights of the Genie avatar and its respective creations to creators on the platform.
- Genies partnered with Dapper labs to launch wearable NFT marketplace The Warehouse in December last year.
- The Warehouse allows users to outfit 3D cartoon avatars that they create inside the Genies app with wearable fashion minted on Dapper’s blockchain network called Flow.
Digital avatar startup Genies (not to be confused with NFT marketplace aggregator Genie) is giving full ownership and commercialization rights to creators on the platform, the startup’s founder and CEO Akash Nigam announced in his blog post yesterday.
Since its launch in 2016, the company has been on a mission to help people build their digital identity in the metaverse. By handing commercialization rights to users, Genies is now “empowering humans to create their own digital identity ecosystems,” Nigam writes.
Over the past five years, Genies has secured a string of high profile partnerships and investments.
On May 3, the startup announced its successful closing of a $65 million series B funding led by Mary Meeker’s firm, Bond. In the same month, Genies signed a partnership deal with Warner Music Group (WMG) to develop avatars and NFTs for WMG’s artists.
On December 9, Genies announced a global partnership with Universal Music Group to become the official avatar and digital NFT partner for their entire roster of artists which includes Justin Bieber, Rihanna, Shawn Mendes and Migos.
Through these deals with record labels, Genie aims to bring NFTs and crypto to culture through its mission to own the “virtual being identity layer.”
On 13 December, Genies announced a partnership with Dapper Labs to launch wearable NFT marketplace, The Warehouse, currently only available to a small network of invite-only users before gradually rolling out to a wider audience.
On the marketplace, users can outfit 3D cartoon avatars that they create inside the Genies app with wearable fashion minted on Dapper’s blockchain network called Flow. Users can also purchase unique digital clothing for 3D Genies Avatars. Targeted at the Gen Z audience, most of the items sell for under $20.
While some NFT creators like Bored Ape Yacht Club (BAYC) and World of Women (WoW) allow buyers to use their artwork for commercial purposes, others such as Cryptopunks do not. With full commercialization rights, Genie talents and users can now use their creations on the platform in a movie, digital wearable business, concerts and more.
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