2 years ago
Nonfungible token platforms incorporating Web3 and the metaverse proceed to pull sizable investments from task superior firms.
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Nonfungible token (NFT) startup Genies has secured $150 cardinal successful Series C backing astatine a valuation of $1 billion, making it the latest crypto-focused level to attain “unicorn” status.
The backing circular was led by California-based backstage equity steadfast Silver Lake, which manages $88 cardinal successful assets arsenic of 2021, with further information from existing investors Tamarack Global, BOND and NEA. Genies said the backing volition spell towards expanding interior capableness successful its engineering section arsenic good arsenic investing successful caller technologies.
Founded successful 2017, Genies is an avatar exertion institution that archetypal acceptable retired to target societal media and messaging platforms. Now, it’s trying to capitalize connected the metaverse, a benignant of catch-all operation for companies looking to span the carnal and virtual worlds. The level enables users to make avatars that tin beryllium deployed successful virtual worlds. Its NFT marketplace, dubbed “The Warehouse,” is built with Dapper Labs.
Genies claims to person gained 99% marketplace stock for personage avatars done authoritative partnerships with Universal Music Group and Warner Music Group.
Related: White Star Capital raises $120M for Ubisoft-backed Web3 concern fund
Since peaking successful September 2021, monthly NFT income person moderated significantly. Source: NonFungibleWhile NFT income person slowed considerably from their highest past September, metaverse projects look to beryllium breathing caller beingness into the industry. Data from analytics steadfast Nansen precocious revealed that the NFT market’s metaverse segment is increasing rapidly contempt its overly speculative nature. Nansen classifies land, existent property NFTs, avatars and inferior NFTs arsenic metaverse plays.
Despite utmost volatility, the NFT marketplace is increasing astatine a faster clip than the broader cryptocurrency market, according to Nansen.
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