The Dapper Labs-backed NFT avatar platform has raised $65 million in funding.

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After raising $65 million in a Series B funding round, Avatar developers Genies plan to launch an NFT marketplace on Flow later this year.

Genies, a digital avatar developer, has raised $65 million from several heavyweight investors, including Flow’s developers, Dapper Labs, to build an NFT marketplace for digital avatars on the Flow blockchain.

SEC filings dated May 3 reveal the California-based company recently closed a $65 million Series B funding round led by investment firm Bond, alongside Coinbase Ventures, Tull Investment Group, Breyer Capital, and Dapper Labs.

The $65 million is slated to fund the development of Genies’ NFT Marketplace, which will allow users to create and trade tokenized avatars, in addition NFT clothing worn by the avatars. Genies expects to launch its marketplace in beta during the third quarter of this year.

In a tweet revealing the funding, Genies stated it hopes to become the single “virtual portable identity across the digital world,” offering users a means to express themselves within the virtual metaverse.

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Genies launched in 2017, initially targeting for its avatars to be used on centralized social media and messaging platforms. On April 29, Genies announced it would be teaming up with Dapper Labs to launch a Genies marketplace on the Flow blockchain.

In an interview with VentureBeat’s gaming division, Genies CEO Akash Nigam stated that the company is shifting its focus to a larger audience after originally intending to sell celebrities personalised avatars to use in the form of interactive events and releases.

According to Nigam, the platform will provide easy and user-friendly resources that will enable children as young as six to “create their own digital wearable and goods collection, then release it in the marketplace and sell to the masses as well.”

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In March, Genies released a series of NFTs in March commemorating pro-soccer player Mesut Ozil’s move from Arsenal F.C to Galatasaray in the firm’s first foray into nonfungible tokens. The tokens were auctioned off on Nifty Gateway, with Genies selling 518 tokens for $670 each, or about $347,000.

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