Crypto Genies is an avatar ecosystem where users can invest in fashion items, explore spaces and venues, and design their own mini world.
Much like traditional avatars like your Nintendo Wii Mii, users can choose from a range of starting options, including clothing, facial features, and species, which can be fully customized based on the user’s preferences.
Once you’ve minted your Crypto Genies avatar, it works as a digital avatar that can be used as a GIF through GIPHY, edited into videos, and even make digital announcements- it’s a bit like watching an animated version of you on the screen.
By May 2021, Genies had raised over $110 million through fundraising efforts, with investors such as Mary Meeker’s Bond, NEA, and Breyer Capital, investing in the project.
This guide will cover everything about Crypto Genies, how it works, the company’s history, recent updates, and whether they’re worth the investment in 2022.
What is Crypto Genies?
Crypto Genies is a Web 3.0 avatar ecosystem and the “official avatar and digital goods NFT provider” for Universal Music Group and Warner Music. It aims to provide users with the tools to manifest their ideas into an avatar ecosystem.
In theory, Genies help bridge the gap between virtual and physical realities, with celebrities and ordinary people using their digital characters to represent themselves in the Metaverse.
The project has already created avatars for musicians such as Justin Bieber, Migos, Cardi B, and J Balvin, with Bieber using his avatar to announce his Christmas album on Amazon Music.
Although the project was initially released using celebrities, Crypto Genies avatars are for everyone, with a range of customizable options in development. To get your Genie new items, you need to use The Warehouse, Crypto Genies own NFT store available on Dapper Lab’s Flow Blockchain Platform.
How Do Crypto Genies Work?
The Crypto Genies collection is built on the Flow blockchain, which launched NBA Top Shot. All customizable options are also built on Flow and will be available for around $20 per item in the Warehouse.
However, as of July 2022, users can’t actually buy items just yet. In April 2022, Genies announced a $150M Series C fundraiser to be led by Silver Lake. They have since taken a step back from the social space to focus on the four key pillars of their ecosystem: Avatars. Fashion. Spaces and Experiences.
Instead of buying a genie or accessory, users can currently apply to be an avatar creator or clothes designer directly through the site.
The team has also upgraded its HQ in Venice to a 20,000-square-foot office in Marina Del Rey and announced they will implement a vigorous expansion plan with several job opportunities available on their site.
This is a little disappointing for those already in the ecosystem, as it delays further adoption and limits the available features.
Applicants accepted as creators will become Avatar Species Sellers for the Warehouse or digital clothes designers, with the Genie team describing the role as working for a “digital Depop.” They will be at the forefront of the Crypto Genies collection, helping design and customize avatars for users in the future.
Further information for both Spaces and Experiences is yet to be released by Genies, though both have promised complete customization based on user preferences.
Any genies that have already been purchased can be used on various apps and websites, including YouTube videos, Instagram stories, and GIFs in chats such as Messenger.
History of Crypto Genies
Despite only making headlines in the past two years, Genies was founded in 2016 by current CEO, Akash Nigam. Before starting Genies, Akash studied computer science and economics at the University of Michigan and has since founded Blend, Humans, and Genies.
The project has also taken on some exciting new board members, including Bob Iger, who spent nearly 50 years at Disney, including 15 years as the CEO, before stepping down in 2020. He’s also an investor in the Crypto Genies collection.
Other notable investors include Mary Meeker, a top startup investor, New Enterprise Associates, an American venture capital firm, and Breyer Capital, an investment fund run by James W. Breyer.
Crypto Genies Coin
As of July 2022, Crypto Genies doesn’t have its own coin, and there are no plans for one to be released anytime soon. Instead, it will use Flow Blockchains FLOW token.
FLOW is ranked the 33rd largest cryptocurrency in terms of market cap, with a market cap of $1,653,539,684 and 1.04 billion tokens in circulation.
It hit an all-time high value of $46.16 in April 2021, though is currently worth $3.02 per token.
Have Crypto Genies Launched Any Big Projects Since Release?
Since its initial launch, Crypto Genies has mostly focused on influencer marketing and the release of its NFT marketplace.
Genie’s initial launch involved celebrities and influences like Justin Bieber, who used his Crypto Genies avatar to announce his Christmas album. This helped put Genies in the spotlight, and its influencer marketing hasn’t stopped there. In July 2022, American rapper Quavo posted a video of his Genies avatar on his Instagram page to spread awareness of the project.
Crypto Genies NFT marketplace, The Warehouse, was set to launch in late 2021, though features and accessibility are currently limited. Currently, users can only apply to be a seller, though cannot access the store directly to buy accessories. No public launch date has yet been released for a public Crypto Genies mint.
Crypto Genies: Current State of The Project
Despite the hype and funding around the project, Crypto Genies is currently a little underwhelming.
Accessibility seems limited to those who bought in early and influencers who can promote the project, leaving very little for new buyers to actually play around with.
Current options are limited to applying for designer positions in The Warehouse or an Avatar Species Seller.
The team has left a farewell message on their blog, stating they will now only talk to avatar ecosystem creators, users, and candidates that want to join the project. This creates the feeling of an exclusive club rather than an inclusive one for everyone to join.
Nonetheless, the team has stayed active on social media and, in the process, has amassed a community of excited individuals about the project. Both those who already own Crypto Genies avatars and those looking to buy one are eager for future announcements.
Final Thoughts: Future Plans For The Crypto Genies
The project feels like it’s on standby. But, the generic pitch for aspiring large NFTs remains: as Web 3.0 continues to grow in popularity, how we present ourselves online will also change.
The four pillars of Crypto Genies will provide users with a range of customization features from their avatars and fashion to their own spaces and experiences that can be tailored to individuals based on their personality. With no initial launch date published, the team continuously updates their fans on Twitter through a private Discord channel.
Although we can’t predict the project’s success until the public Crypto Genies mint, it will be exciting to see where the team takes the project and how it influences how we interact in the Metaverse and online.