The Genies project, which is focused on NFT avatars, has just completed a $150 million funding round led by Silver Lake.
As a result of the funding round, the company's valuation has soared to $1 billion, DealBook has reported.
Notably, Genies offers users the ability to create virtual avatars that can be used in metaverses along with various items in the form of non-fungible tokens.
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The company has partnered with Warner Music Group and Universal to create avatars and NFT products for top artists including Justin Bieber, Cardi B and hip-hop trio Migos.
In May last year, Genies raised $65 million from Coinbase Ventures and Dapper Labs in a Series B funding round.
In March 2022, former Disney CEO Robert Iger joined the NFTs startup's board of directors.
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