Genies Secures $150M Series C to Expand Development on Metaverse Avatars

vrcoin on April 14, 2022

Genies, a 3D avatar company, announced it’s raised a $150 million Series C investment, something it says will be used to hire more engineering talent and continue development on its non-fungible token (NFT) based “avatar universe.”

The round was led by private equity firm Silver Lake, and includes participation from existing investors BOND, NEA, and Tamarack Global. This brings the company’s total outside investment to $202 million, with the company now valued at $1 billion.

The company’s main focus for now is on avatar creator tools and digital fashion collections which it hopes will be used across the metaverse—and not just sit in a crypto wallet. The company envisions creating avatar homes and social experiences in the future—presumably also minted as tradable NFTs.

In late 2021, Genies notably inked a partnership with Universal Music Group and Warner Music Group to launch its own NFT marketplace, called ‘The Warehouse’. Users and creators on the platform can buy, sell, and trade avatars and accessories, which are minted on Dapper Labs’ blockchain network, Flow. The deal also saw NFT partnerships with a number of musicians, including Justin Bieber, Migos, Cardi B, and J Balvin.

“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Akash Nigam, CEO of Genies. “With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations.”

It’s not clear whether this particular blockchain tech will become the standard for digital ownership in the Web3 future, where digital property ownership is set to go well beyond pictures of cartoon apes. Just the same, many household names in the XR industry are also jumping into the NFT craze. HTC opened its own NFT marketplace in December, albeit solely dedicated to ‘flat’ NFT art for now. Meta is planning to do the same on its social network Facebook, although there’s still no clear launch date.

This article was originally published on roadtovr.com

8th Wall Partners With Ready Player Me to Reality-Bending Effect

vrcoin on February 15, 2022

XR developer platform 8th Wall has just announced a partnership with cross-platform avatar builder Ready Player Me. To be fair, the list of companies compatible with Ready Player Me is growing all the time. However, there are a few things about the two companies that make this partnership particularly special. I Want to Talk About Ready Player Me To really understand the importance of this announcement, we have to make sure that we’re on the same page regarding Ready Player Me. The outfit allows users to make a 3D avatar starting from a photo. From there, they can change the avatar as well as its outfits. Ready Player Me avatars If this sounds familiar, it could be because you’ve probably done it quite a few times already – making an avatar is a common first step when stepping into a new VR platform. But, this isn’t a VR platform. This