Bob Iger, the fifteen-year CEO of the American entertainment corporation Disney, has joined the board of Genies, a Los Angeles-based metaverse startup. Genies provides services that allow users to construct virtual avatars that may be used in the metaverse, complete with non-fungible token-based accessories (NFTs). Warner Music Group, a large American record label, has partnered with the company to produce avatars and digital items for artists.
Iger was the driving force behind Disney’s purchases of Marvel Entertainment, Lucasfilm, and Pixar, as well as the launch of the streaming service Disney+. According to a Wall Street Journal report, Iger joined the Genies board because he believes the entertainment business would play a significant role in the metaverse and so needs a way to develop and sell virtual goods, particularly those related to current intellectual property.
Traditional media companies, such as Spotify, YouTube, and even Disney, have already hired employees to oversee metaverse initiatives.
Genies, which is popular with celebrities like Rihanna, Lil Nas X, and Jennifer Lopez, claims to possess 99 percent of the celebrity avatar market share and has clients such as Universal Music Group and Warner Music Group for whom it also creates non-fungible tokens (NFTs).