The blockchain-based startup Genies recently raised $65 million in a seed round led by Bond Capital. Genies is developing a nonfungible token (NFT) platform that allows people to exchange their Flows for other goods and services. The company already has partnerships with a who’s who of entertainers.
Bond led the funding round for Genies
Genies Inc., a company that lets people bring their virtual selves to life, has secured $65 million in new funding to develop its avatar technology. It also hopes to hook into the growing interest in non-fungible tokens, which people use to trade and own digital artwork objects. The new funding will help the company expand its market and build its own digital goods marketplace on Dapper Labs’ Flow platform.
Genies is a four-year-old company that offers a styled avatar creation platform for iOS and Android users. The company is partnering with Dapper Labs, the company that made the NBA Top Shots, and blockchain giant Coinbase. Together, they will build a backend for Genies’ avatar accessories storefront, which will be built on the Flow blockchain. Ultimately, Genies plans to leverage celebrity partnerships to expand their user base and revenue stream.
Several investors have joined Genies’ funding round, including Mary Meeker’s Bond firm. Additional investors included NEA, Tull Investment Group, Coinbase Ventures, and Dapper Labs. Though the firm did not disclose the latest valuation, it said it expects to reach $100 million in annual revenue by 2020.
The funding round includes a portion of the digital-goods sold on the Genies platform, which it hopes to monetize with celebrity partnerships. Genies recently announced a partnership with Gucci, and is building out its pop-culture strategy. Genies has also worked with celebrities such as Justin Bieber and Rihanna. They have used Genies avatars as a way to connect with their fans.
Flow is a blockchain-based nonfungible token (NFT) platform
Flow is a blockchain-based non-fungible token (NFT) platform designed to facilitate cryptocurrency games and collectibles. The Flow network is highly decentralized, scalable, and developer-friendly. It also supports large-scale crypto games and NFT collectibles, and it aims to become a vehicle for users to join the blockchain ecosystem and enjoy self-sovereignty.
Flow was developed by Dapper Labs, the same company that built CryptoKitties on Ethereum. Flow is built with developers in mind and leverages a streamlined, developer-friendly language inspired by Diem’s Move language. This language enables developers to remain productive while building NFT projects. Flow also provides a unique in-browser GUI called the Flow Playground.
While the platform has its own set of uses, it has the potential to be expanded to larger audiences in the future. Its developers already have a long list of partners, including the NBA Top Shot and the WWE. Dapper also has other high-profile names including CNN, Warner Music Group, and the Ultimate Fighting Championship.
Flow is designed to scale and support a new generation of popular games, DApps, and digital assets. Its multi-role, multi-node architecture is designed for efficiency. This architecture eliminates the need for redundant processing.
The Flow network uses a reward coefficient model for its smart contracts. This makes it more resilient to attacks. Token holders can use FLOW as a stake to earn passive income by running validator nodes or delegating their tokens to recognized nodes. In addition, Flow sets a percentage of its token supply every year as rewards for validators. This is done in a prudent way to avoid unintended effects like inflation.
The Flow blockchain was developed to allow for extensive scaling and efficient transactions for billions of users. The Flow native token, FLOW, powers the Flow network. Its high performance design makes it the ideal platform for consumer applications using NFTs. Furthermore, its architecture is designed to support multiple types of applications without compromising decentralization f95forum.com.
Genies is a pop-culture company
Genies is an app that lets you customize your pop-culture news notifications. The app uses artificial intelligence to create a mix of stories from various news sources. A daily montage of 10 to 15 short scenes is delivered to your phone. The scenes feature your avatar, and they include the top news of the day for your personality type. The app has built millions of creative assets, and its AI can piece them together to create an animated scene for you.
Genies is building a consumer app and collaborating with brands on advertising. It has also built its own software kit to make it easier for other app makers to integrate its features. For example, in the app, you can wear a New Balance sneaker or Gucci hat to promote a particular brand. The app is a fusion of technology and pop culture and is aimed at turning Genies’ young audience into brand fans. The company also has a digital talent agency that can reach celebrities to promote a brand.
The company has raised $15 million in seed funding and has received backing from investors like Thomas Tull’s investment group. Other investors include NBA player Victor Oladipo, Japanese musician Yoshiki, and venture firms L Catterton and NEA. It plans to launch its product globally by the end of the year f95zone.blog.
The genie has become a pop-culture icon. It has appeared on TV and in movies. The character has been re-imagined in various forms and mediums, including video games, comics, and cartoons. In recent years, Genies has gone beyond the traditional fairy tales and has been making the journey from book to screen.
It has partnerships with a who’s who of entertainers
Genies is raising $65 million to build its avatar creator, which is being touted as a virtual identity and wearable digital goods company. The company is already partnered with a who’s who of entertainer personalities. Its first move into the virtual world was a collaboration with Universal Music Group, which will host avatars of its artists. Earlier this year, the startup announced a partnership with the music giant and will host the avatars of the artists who are signed to the label. In addition to celebrity partnerships, Genies has also secured endorsements from Mary Meeker’s Bond fund, which bankrolled the company’s $65 million Series B funding f95zoneusa.org.