Genies NFT project raises $150M at $1B valuation

by in Cryptocurrency News

Genies

NFT avatar-focused project Genies closed a $150M funding round led by Silver Lake. Investors valued the firm at $1 billion.

Genies provides users with the ability to create virtual avatars. The latter can be used in the metaverses along with various items in the form of non-fungible tokens.

The company has partnered with Warner Music Group and Universal to create avatars and NFT merchandise for top artists including Justin Bieber, Cardi B, and hip-hop trio Migos.

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In May 2021, Genies raised $65M from Coinbase Ventures and Dapper Labs in a Series B funding round.

In March 2022, former Disney CEO Robert Iger joined the board of directors of the NFT startup.

Previously, Warner Music Group entered into a partnership with NFT game developer Splinterlands.