- Genies have launched its NFT fashion marketplace.
- The company has named its marketplace, “The Warehouse”.
- Users can buy digital wearables from the marketplace and dress their online avatars.
Genies, a popular digital avatar company has launched its NFT fashion marketplace, The Warehouse. The company launched the Beta version of the NFT marketplace in December last year. It was only accessible to a group of users through invites. Recently the company made the platform available for public use.
Users can now create their online avatars through the Genies Studio app as well as purchase digital wearables from the marketplace to dress their online avatars. The platform also gives users the flexibility to customize digital wearables.
In the initial stages, only approved creators will be able to create and sell their collections on The Warehouse. Later the company will allow all users to create and sell fashion NFTs on the marketplace.
The company had selected a group of designers and developers to create the first collection of digital wearables on the platform. These will be sold as NFTs on the marketplace.
One of the company’s first collaborators includes popular photographer Tati Bruening. He is also a social media influencer with over 327,000 followers on Instagram.
The creators will have the intellectual property rights to their creations and exclusive designs. They will also receive royalties on the secondary sale of their NFTs. Genies have set the royalty at 5% for each sale.
Genies CEO Akash Nigam said to TechCrunch,
Creators will be selling their own avatar fashion and the ones that they’ve customized over the past couple of months. And when they do sell out — let’s say someone sells like 100 items, and let’s say that if a fan or follower or anybody within the community decides to buy it for their own avatar, they also now have the rights to be able to edit it or DIY it within the studio platform, so they can use the tools and create a derivative collection, and then sell the derivative fashion line in The Warehouse.
Genies have made a name in the online avatar industry by allowing users to create a digital identity for themselves. The company has collaborated with famous celebrities like Justin Bieber, Rihanna, Shawn Mendes and Migos via Universal Music Group.