NFT avatar-focused project Genies closed a $150M funding round led by Silver Lake. Investors valued the company at $1 billion, according to DealBook.
Genies provide users with the ability to create virtual avatars. The latter can be used in the metaverses along with various items in the form of non-fungible tokens.
The company has partnered with Warner Music Group and Universal to create avatars and NFT merchandise for top artists, including Justin Bieber, Cardi B, and hip-hop trio Migos.
In May 2021, Genies raised $ 65M from Coinbase Ventures and Dapper Labs in a Series B funding round.
In March 2022, former Disney CEO Robert Iger joined the board of directors of the NFT startup.
Previously, Warner Music Group entered into a partnership with NFT game developer Splinterlands.