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

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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.

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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.

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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.

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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.

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