13.8 C
London
Wednesday, May 12, 2021

Dapper Labs Backed NFT Avatar Platform Raises $ 65 Million in Funding

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Digital avatar developer Genies has raised $ 65 million to create an NFT marketplace for digital avatars on the Flow blockchain, led by several prominent investors, including Flow developers, Dapper Labs.

SEC filings dated May 3 reveal that the California-based company recently closed a $ 65 million Series B funding round led by investment firm Bond, alongside Coinbase Ventures, Tull Investment Group, Breyer Capital and Dapper Labs.

READ  Email server breach sees Celsians targeted with phishing attacks

The $ 65 million is intended to fund the development of Genies’ NFT Marketplace, which will allow users to create and trade tokenized avatars, in addition to the NFT clothing worn by the avatars. Genies plans to launch its marketplace in beta during the third quarter of this year.

READ  Blockchain and Booze: the future of DeFi on Ethereum is now

In a tweet revealing the funding, Genies declared it hopes to become the unique “virtual portable identity across the digital world”, providing users with a way to express themselves in the virtual metaverse.

Genies was launched in 2017, initially targeting its avatars for use on centralized social media and messaging platforms. On April 29, Genies ad that would be teaming up with Dapper Labs to launch a Genies Marketplace on the Flow blockchain.

In an interview with VentureBeat’s gaming division, Genies CEO Akash Nigam noted that the company was targeting a larger audience after initially planning to offer custom avatars for celebrities to use in context. digital events and launches.

READ  Spartan protocol exploit results in loss of $ 30 million
READ  Signs that the Bitcoin hashrate is starting to drift away from China

Nigam said the platform will host simple and intuitive tools for children as young as six to “create their own collection of clothing and digital products, then release it to the marketplace and also sell it on the market. General public”.

In March, Genies released a series of NFTs in March commemorating professional football player Mesut Ozil from Arsenal FC to Galatasaray in the company’s first foray into non-fungible tokens. The tokens were auctioned off on Nifty Gateway, with Genies selling 518 tokens for $ 670 each, or roughly $ 347,000.

READ  It was only a matter of time - some NFTs now have human UKTN sequences