Genies NFT project closes $150 million financing round at a $1 billion valuation

Genies, a project focused on NFT avatars, closed a financing round of $150 million led by Silver Lake. Investors valued the company at $1 billion, according to DealBook.

Genies enables users to create virtual avatars. These can be used in metaverses with various items in the form of non-fungible tokens.

The company has forged partnerships with Warner Music Group and Universal to create avatars and NFT goods for well-known artists, including Justin Bieber, Cardi B and the hip-hop trio Migos.

In May 2021, Genies raised $65 million from Coinbase Ventures and Dapper Labs following a Series B financing round.

In March 2022, former Disney CEO joined the NFT startup’s board of directors.

Earlier Warner Music Group entered into a partnership with the NFT game developer Splinterlands.

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