Genies, the unicorn Metaverse avatar tech, renowned for its NFT prowess, is set to make a significant stride in the fashion industry. With a remarkable US $ 1 billion valuation achieved in April 2022, Genies is unveiling its ambitious initiatives: a social network fueled by a robust US $ 500,000 digital fashion fund. This visionary project will encompass crowd-sourced mini-games and abundant opportunities for celebrity-collaborations. Additionally, Genies is poised to launch ‘The Workshop,’ an arsenal of 3D design tools and creative prompts that digital artists can harness to craft Genies-compatible digital clothing, unlocking a bold expansion of the fashion metaverse.
The Workshop will also include a vast library comprising thousands of curated fashion items designed to kick-start or streamline the creative process. The resulting creations will be integrated into the Genies ecosystem, initially through its Silver Studio fashion thrifting game. This platform continually presents a dynamic array of fashion prompts, offering users inspirational assets to develop. Celebrity co-creation opportunities are also in the mix, with stars like Khalid, Banks, and Au/Ra, as well as artists like Amber Park and TikTok influencer Clara ‘tinyjewishgirl’ Perlmutter already enlisted.
In a recent interview, Genies’ CEO Akash Nigam emphasized that this venture offers a unique avenue for celebrities and pop stars to gain exposure around album releases or announcements. They can create fashion that embodies their song or event and witness their fans actively engaging with their emblematic art.
Nigam explained that Genies employs artificial intelligence (AI) to predict how different types and styles of characters wear different costumes. Moreover, the Genies character framework retains information from one game to the next in its ‘avatar brain’, and gradually develops its own unique autonomous personality.
Speaking of monetisation, Nigam highlights that their approach is patient. The fund’s direction pivots toward ‘incentivizing new behaviors,’ rewarding creators for adeptly utilizing novel features, including augmented reality (AR) capabilities. The Fashion Engagement Fund, inspired by successful models seen in Fortnite and TikTok, will dole out rewards to creators based on the impact of their work.
Genies’ is renowned for its high-profile partnerships, including collaborations with stars like Justin Bieber, Migos, and Cardi B in 2022 for ‘The Warehouse,’ its NFT storefront. Users enjoyed in-app tools to personalise purchased clothing, infusing their personalised touch into these collections. Even Reddit has ventured into the NFT avatar marketplace in response to this trend. Estonian startup Ready Player Me secured US $ 56 million to pursue a similar vision. This underscores the escalating significance of digital avatars among Gen Z, sparking a surge in demand for exclusive digital fashion.
