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NFT avatar startup Genies becomes "Eingorn": valued at $1 billion after funding round

 


Genies is a startup specializing in NFT and has raised $150 million in a Series C funding round. The startup is now worth $1 billion and is the youngest cryptocurrency-focused platform to achieve unicorn status.


The funding round was led by California private equity firm Silver Lake, which has $88 billion in assets under management as of 2021. Other investors included Tamarack Global, BOND and NEA. Genies said the money will be used to expand internal capacity in the engineering department and to invest in new technology.


Founded in 2017, the company is an avatar technology company initially focused on social media and messaging platforms . Now it wants to capitalize on the metaverse . Metaverse is an increasingly common term for companies that want to bridge the physical and virtual worlds. The platform allows users to create avatars that can be used in virtual worlds. The NFT marketplace called "The Warehouse" was developed in cooperation with Dapper Labs.


Genies claims the platform has achieved a 99 percent market share of celebrity avatars through official partnerships with Universal Music Group and Warner Music Group.



Since peaking in September 2021, monthly NFT sales have declined significantly. Source: NonFungible

While NFT sales have declined, the Metaverse projects that are emerging are making a comeback possible. Data from analytics firm Nansen recently showed that the Metaversum segment of the NFT market is growing rapidly despite the excessive speculation. Nansen classifies properties, real estate NFTs, avatars, and so-called utility NFTs as metaverse items.


Despite the extreme volatility, the NFT market is growing faster than the cryptocurrency market as a whole, according to Nansen.  

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