Genies is an avatar firm based in 2017 by Akash Nigam and Evan Rosenbaum. The avatar firm revolves across the idea of an avatar ecosystem, and has moved from in-app personalised avatars to NFTs. With avatars and the metaverse turning into more and more mainstream ideas, Genies is unquestionably an organization to control as a consequence of its work on this house.
What’s an avatar ecosystem?
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An avatar ecosystem is a system of interconnected avatars, digital worlds and areas, collectibles and social experiences. It’s principally a mini-world that permits people to manifest their concepts and symbolize themselves within the digital house.
Akash Nigam and Evan Rosenbaum based Genies, an American avatar expertise firm, in 2017. Nigam, a College of Michigan junior learning laptop science and economics, met Evan Rosenbaum, a College of Pennsylvania scholar. This encounter led them to co-found an organization referred to as Mix. Mix began as a social media platform the place school college students have been gifted objects for sharing pictures.
After declining an acquisition provide, the duo used the Mix proprietary expertise to construct Genies. The brand new firm, Genies, raised $30 million from Silicon Valley enterprise capitalists, Basis Capital, expertise companies and entrepreneurs.
Genies began as an app that allowed customers to create personalised avatars for apps reminiscent of Instagram, iMessage and Giphy. In 2021, Genies partnered with musicians reminiscent of Shawn Mendes, Justin Bieber and Cardi B, and delved into the NFT house. The corporate has gained 99 per cent market share for superstar avatars, due to its partnerships with main label giants Warner Music Group in addition to Common Music Group. Moreover, it has a software program improvement package (SDK) that permits manufacturers to create a branded avatar expertise inside their very own app, plus an Avatar Company.
What’s the Stream blockchain?
Stream is a decentralized and developer-friendly blockchain. It’s designed to be a stable basis for Web3 apps, digital collectibles and video games.
Stream’s essential intention is to attain the identical efficiency requirements as mainstream apps, with out compromising its values. What makes Stream stand out from the gang is the truth that shoppers can management their information. Moreover, it empowers builders to create belongings that may be traded on any market.
About Genies’ “The Warehouse”
“The Warehouse” is the official Genies NFT storefront on the Stream blockchain. The storefront, launched in August 2022, permits customers to obtain the Genies Studio app, create avatars, and purchase garments for them.
The Warehouse is particular as a result of every merchandise is an NFT. The NFT clothes’s creator will get a lower each time their merchandise is purchased or resold. Moreover, customers can customise their purchases with in-app instruments.
Upon launch, Genies collaborated with handpicked creators to make digital clothes. These embody viral stars like Tati Bruening – the mastermind behind the “Make Instagram Nice” marketing campaign.
The way forward for Genies
Based on Akash Nigam, the corporate is increasing right into a Gen Z-driven, social media community. Moreover, former Disney chairman and CEO Bob Iger joined the Genies board of administrators. He additionally confirmed his assist by investing an undisclosed sum within the firm. Such funding and high-profile model partnerships have undoubtedly positioned Genies one step nearer to turning into the go-to social media platform for Gen Z and past.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.