Metaverse avatar startup Genies rolls out “The Warehouse” NFT fashion marketplace
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The LA-based digital avatar creator Genies, known for its collaborations with famous people and big brands, officially launched an NFT fashion store, “The Warehouse,” built for the avatars.
For the first collection, Genies partnered with a group of creators, including influencer and fashion photographer Tati Bruening. At the moment, only approved creators can launch and sell fashion collections. Further on, Genies will enable all users to create at least one fashion item to sell on the marketplace.
Users can take advantage of in-app tools which customize clothes they purchase from The Warehouse.
Every time a creator sells an item, they receive a part of the revenue due to the intellectual property rights of their designs. Also, Genies will take a 5% cut from every sale. Genies CEO Akash Nigam explained how creators can use The Warehouse.
“Creators will be selling their own avatar fashion, and the ones that they’ve customized over the past couple of months. And when they do sell out — let’s say someone sells like 100 items, and let’s say that if a fan or follower or anybody within the community decides to buy it for their own avatar, they also now have the rights to be able to edit it or DIY it within the studio platform, so they can use the tools and create a derivative collection, and then sell the derivative fashion line in The Warehouse.”Genies CEO Akash Nigam
Genies partnered with the world’s top celebrity artists to recreate their digital identities with avatars, such as Justin Bieber, Cardi B, Rihanna, Shawn Mendes, and Migos.
In March, former Disney CEO Robert Iger joined the board of Genies. A month later, Genies secured a $150 million Series C investment round from top crypto investor Silver Lake, with participation from Bond, NEA, and Tamarack Global. The round followed a $1 billion valuation of the company.
This week, digital fashion marketplace DressX announced the launch of its first free-of-charge item for the Meta Avatar Store, which is similar to Genies’. In July, DressX launched its debut collection for Meta called ‘Metacloset.’
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