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The personal NFT Avatar platform on Flow
Genies is an avatar company founded in 2017 by Akash Nigam and Evan Rosenbaum. Revolving around the concept of an avatar ecosystem, the avatar company has moved from personal in-app avatars to NFTs. With avatars and the metaverse becoming increasingly common concepts, Genies is definitely a company to keep an eye on for their work in this area.
What is an avatar ecosystem?
An avatar ecosystem is a system of interconnected avatars, virtual worlds and spaces, collectibles, and social experiences. It is basically a mini world that enables individuals to manifest their ideas and represent themselves in the digital space.
What are Genies?
Akash Nigam and Evan Rosenbaum founded Genies, an American avatar technology company, in 2017. Nigam, a junior at the University of Michigan studying computer science and economics, met Evan Rosenbaum, a student at the University of Pennsylvania. This meeting led to them co-founding a company called Blend. Blend started as a social media platform where students were gifted objects for sharing photos.
After turning down an acquisition offer, the duo used the proprietary Blend technology to build Genies. The new company, Genies, raised $30 million from Silicon Valley venture capitalists, Foundation Capital, talent agencies and entrepreneurs.
Genies started as an app that allowed users to create personalized avatars for apps like Instagram, iMessage and Giphy. In 2021, Genies collaborated with musicians such as Shawn Mendes, Justin Bieber and Cardi B, delving into the NFT space. The company has achieved a 99 percent market share for celebrity avatars, thanks to the collaboration with the major record companies Warner Music Group and Universal Music Group. In addition, it has a software development kit (SDK) that enables brands to create a branded avatar experience in their own app, plus an Avatar agency.
What is the Flow blockchain?
Flow is a decentralized and developer-friendly blockchain. It’s designed to be a solid foundation for Web3 apps, digital collectibles, and games.
Flow’s main goal is to achieve the same performance standards as regular apps, without compromising on values. What makes Flow stand out from the crowd is the fact that consumers can control their data. In addition, it allows developers to create assets that can be traded on any market.
About Genie’s “The Warehouse”
“The Warehouse” is the official Genie’s NFT storefront on the Flow blockchain. Launching in August 2022, the storefront allows users to download the Genies Studio app, create avatars and buy clothes for them.
The warehouse is special because each item is an NFT. NFT clothing’s creator will receive a cut each time their item is purchased or resold. In addition, users can customize their purchases with in-app tools.
At launch, Genies collaborated with hand-picked creators to create digital clothing. These include viral stars like Tati Bruening – the brain behind the ‘Make Instagram Great’ campaign.
Genie’s future
According to Akash Nigam, the company is expanding into a Gen Z-driven, social media network. In addition, former Disney chairman and CEO Bob Iger joined the Genies board. He also showed his support by investing an undisclosed sum in the company. Such investments 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.
