Non-Fungible token (NFT) startup Genies has reportedly obtained $150 million in capital injection via Series C fundraising, helping it become the most recent crypto-centric entity to achieve the “unicorn” status. 

Specifically, the funding round was reportedly spearheaded by California-based private equity firm Silver Lake, which was having $88 billion of assets under management as of last year.

The funding round further witnessed current investors like Tamarack Global, BOND, and NEA joining as well. 

AS revealed by Genies, the newly acquired capital injection will reportedly be channeled towards growing internal capacity in its engineering department, together with making investments in different innovative techs. 

Established in 2017, Genies reportedly functions as an avatar technology firm, which initially planned to cater to social media and messaging platforms. 

Currently, it mainly invests its resources in cashing out on the metaverse – a concept used when establishments have plans down their pipeline to bridge the physical and virtual worlds. 

The platform reportedly makes it possible for users to create avatars that are able to be deployed in virtual worlds. Its NFT marketplace, going by the name “The Warehouse,” is developed with Dapper Labs.

Genies reportedly boast an alleged 99% market share for celebrity avatars, via official collaborations with Universal Music Group and Warner Music Group.

While the growing speed for NFT sales has slowed down significantly compared to their peak in September last year, metaverse initiatives seem to be the new talk of the crypto town. 

Data from analytics company Nansen recently disclosed that the NFT market’s metaverse segment is growing rapidly despite its overly speculative nature.