Nonfungible token (NFT) startup Genies has secured $150 million in Sequence C funding at a valuation of $1 billion, making it the newest crypto-focused platform to realize “unicorn” standing.

The funding spherical was led by California-based non-public fairness agency Silver Lake, which manages $88 billion in belongings as of 2021, with further participation from present buyers Tamarack World, BOND and NEA. Genies mentioned the funding will go in direction of rising inside capability in its engineering division in addition to investing in new applied sciences.

Based in 2017, Genies is an avatar expertise firm that first got down to goal social media and messaging platforms. Now, it’s attempting to capitalize on the metaverse, a form of catch-all phrase for firms seeking to bridge the bodily and digital worlds. The platform allows customers to create avatars that may be deployed in digital worlds. Its NFT market, dubbed “The Warehouse,” is constructed with Dapper Labs.

Genies claims to have gained 99% market share for movie star avatars via official partnerships with Common Music Group and Warner Music Group.

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Whereas NFT gross sales have slowed significantly from their peak final September, metaverse tasks seem like respiration new life into the business. Knowledge from analytics agency Nansen lately revealed that the NFT market’s metaverse phase is rising quickly regardless of its overly speculative nature. Nansen classifies land, actual property NFTs, avatars and utility NFTs as metaverse performs.

Regardless of excessive volatility, the NFT market is rising at a sooner clip than the broader cryptocurrency market, in response to Nansen.