Genies Raises $150 Million to Push Valuation to Over $1 Billion

The crypto market has been increasingly investing in blockchain-powered games. This trend is not surprising considering how the nascent industry still sees a large number of gaming companies as potential investors for their products, and a way to reach an audience that may be more receptive than traditional gamers. But which sectors will see the largest gains from this influx?

The “genies valuation” is a new cryptocurrency that has recently raised over $150 million. The company behind the coin, Genies, plans to use the money to push their valuation to over $1 billion.

In a recent investment round, Genies, the industry-leading metaverse avatar platform, received $150 million, bringing its total worth to over $1 billion. Bond, NEA, and Tamarack Global also participated in the deal, which was headed by global technology investment company Silver Lake.

The business says it would utilize the cash to continue bringing out widely accessible avatar creation tools that let users to build their own avatars, avatar fashion collections, avatar houses, and general avatar experiences with help from its employee portfolio, which currently numbers over 100.

“We think avatar ecosystems will form web 3 in the same way that mobile applications defined Web 2,” the company’s CEO stated in response to the fresh funding. With each new innovation in internet technology, a vast new area of entrepreneurial skill sets emerges. In the web 3, Gen Z avatar ecosystem builders will be the drivers of innovation, and we aspire to enable their greatest thoughts, ideas, and experiences as avatar creations with our creator tools.”

The thought of Genies avatars being incorporated into gaming ecosystems would have been on many people’s minds with such a high value, but such plans have yet to materialize. 

Nonetheless, since its last $65 million investment round in May 2021, the platform has not only forged several famous relationships with the likes of Universal Music Group and Dapper Labs, but it has also acquired a 99 percent market dominance in celebrity avatars.

 

The “genies ipo” is a company that has raised $150 million to push their valuation to over $1 billion. The company specializes in the development of blockchain-based mobile applications.

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