Founded in 2017 by Akash Nigam and Evan Rosenbaum, ‘Genies’ is a complete NFT avatar ecosystem. The company started with in-app personalised avatars but now NFTs are their main focus. With avatars and the metaverse becoming increasingly mainstream concepts, Genies is definitely a company to keep an eye on due to its work in this space.
What are Genies NFTs?
Genies started as an app that allowed users to create personalised avatars for apps such as Instagram, iMessage, and Giphy. In fact, in 2021, Genies partnered with musicians such as Shawn Mendes, Justin Bieber, and Cardi B, and delved into the NFT space. The company has gained 99 percent market share for celebrity avatars, thanks to its partnerships with major label giants Warner Music Group as well as Universal Music Group. Additionally, it has a software development kit (SDK) that enables brands to create a branded avatar experience within their own app, plus an Avatar Agency.
Who created the Genies NFT Avatar Ecosystem?
Akash Nigam and Evan Rosenbaum founded Genies, an American avatar technology company, in 2017. Nigam, a University of Michigan junior studying computer science and economics, met Evan Rosenbaum, a University of Pennsylvania student. This encounter led them to co-found a company called Blend. Blend started as a social media platform through which college students shared photos, and in turn, received gifts.
After declining an acquisition offer, the duo used the Blend proprietary technology to build Genies. The new company, Genies, raised $30 million from Silicon Valley venture capitalists, Foundation Capital, talent agencies, and entrepreneurs.
But wait, what is an avatar ecosystem?
An avatar ecosystem is a system of interconnected avatars, virtual worlds and spaces, collectibles, and social experiences. To clarify – it is a mini-world that enables individuals to manifest their ideas and represent themselves in the digital space.
About Genies’ NFT Marketplace: “The Warehouse”
“The Warehouse”, the official Genies NFT storefront, launched on the Flow blockchain in August 2022. In short, it enables users to download the Genies Studio app, create avatars, and even buy clothes for them.
Of course, each character and item is an NFT. Therefore, each time someone purchases a wearable, the creator makes a royalty. Additionally, users can customise their purchases with in-app tools.
Upon launch, Genies collaborated with handpicked creators to make digital clothing. These include viral stars like Tati Bruening – the mastermind behind the “Make Instagram Great” campaign.
The future of Genies NFTs
According to Akash Nigam, the company is expanding into a Gen Z-driven, social media network. Additionally, former Disney chairman and CEO Bob Iger joined the Genies board of directors. He also showed his support by investing an undisclosed sum in the company. Such investment and high-profile brand partnerships have undoubtedly placed Genies one step closer to becoming the go-to social media platform for Gen Z and beyond.
What is the Flow blockchain?
Flow is a decentralized and developer-friendly blockchain. It is designed to be a solid foundation for Web3 apps, digital collectibles, and games.
Flow’s main aim is to achieve the same performance standards as mainstream apps, without compromising its values. What makes Flow stand out from the crowd is the fact that consumers can control their data. Additionally, it empowers developers to create assets that can be traded on any market.