Digital Avatar Startup Genies Launches Its NFT Marketplace

Digital avatar app Genies launches NFT marketplace for customizing virtual characters

Digital avatar startup Genies, backed by celebrities like Justin Bieber, Migos and CardiB, has launched its own NFT marketplace called The Warehouse. About it writes TechCrunch with reference to the founder of the project Akash Nigam.

On the marketplace, users will be able to buy clothes for their digital avatars, but only from sellers who have been selected by Genies. One of the first collections will be presented by fashion photographer Tati Bryuning. With each resale, the creators of digital items will receive royalties, however, the amount of bonuses remains unknown. In the Genies site itself, they will charge a 5% commission on each sale.

Despite the decline in activity in the NFT market, Nigam himself believes in the long-term success of his venture, because he believes that “everyone wants to exist in a 3D world.” Eventually, Nigam predicts that his startup will develop into a full-fledged social network for zoomers. He believes that current American social networks are created for messaging, and some are even experiencing an “identity crisis.”

The NFT industry is still extremely opaque. For example, in December 2021, Chainalysis  found that about 80% of OpenSea’s sales revenue came from just 5% of users. Experts note that the top 5% pay an average of 2.2 ETH (~$9000) for NFT tokens, which they later resell. This indicator is more than twice the average purchase price for the marketplace.

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