Amber

Dapper Labs to Build New NFT Marketplace in Partnership with Avatar Firm Genies

UTC by Benjamin Godfrey · 3 min read
Dapper Labs to Build New NFT Marketplace in Partnership with Avatar Firm Genies
Photo: Unsplash

The need for a broader trading platform with traditional-styled influencers makes the case for the new Dapper Labs and Genies Marketplace.

Dapper Labs, a Canadian blockchain firm, is partnering with celebrity-driven avatar technology company Genies to create a new marketplace on the former’s Flow blockchain. As reported by Forbes, the new marketplace is christened ‘Genies Marketplace’ and it will seek to become the new “Amazon of Digital Wearable NFTs.”

Dapper Labs is one of the core forces behind the NFT implosion this year as it owns the popular marketplaces for tokenized digital collectibles, NBA Top Shot, and CryptoKitties. With the Genies Marketplace, celebrities most of whom have been onboarded by Genies will be able to create and trade out the digital wearable NFT collections for their avatars, or digital alter-egos. While the features on the marketplace are billed to be pioneered by these superstars, all users will eventually be able to utilize the full functionalities of the platform.

Per the Forbes report, Shawn Mendes, one of the first investors of Genies and whose avatar digital wearable NFTs were on sale beginning early this year said in a statement through his manager, Andrew Gertler, that “it was amazing to see how much excitement there was around the digital avatar experience.” Now, with the Genies marketplace, the experience will become “accessible to all of Shawn’s fans by allowing them to interact and customize their Genies and trade in digital goods and wearables in a truly unique way.” Mendes is also Genies’ early investor.

The popularisation of NFTs and digital collectibles is still in its infancy, and startups like Dapper Labs are looking to leverage the huge opportunities which abound in the growing ecosystem. The firm is optimistic that just as the NBA Top Shot platform was a largely successful project, so also will the Genies Marketplace.

The Need for a New Dapper Labs Marketplace

The success of the NBA Top Shot drew in sales valued at over $500 million, setting a historic milestone for the outfit in less than 12 months. This achievement was accompanied by huge stress as the platform congestion is now posing a significant strain on the platform. The need to promote diversity and a broader trading platform with traditional-styled influencers makes the case for the new Dapper Labs and Genies Marketplace.

“We used to have pretty significant downtime, so we’re just pretty much down to scheduled maintenance now,” says Gharegozlou. “At this pace, within two months, I think we’ll be in a really great shape and ready for Genies to stress out our servers.”

The Beta for the Genies Marketplace will be made available in the third quarter according to the report. Through the new marketplace, the duo of Dapper Labs and Genies will seek to compete with Bitmoji, an outfit backed by Snap Inc (NYSE: SNAP), known to popularise sticker-like cartoon avatars, or personalized emojis, that has now gained traction across a number of social media platforms.

Altcoin News, Blockchain News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Related Articles
EarnBet