Robert Iger takes Board Seat with LA-based Genius Inc

Robert Iger has accepted a seat on the board of directors of Los Angeles-based Genies Inc. He is also an investor in the company, which is one of the five early-stage technology companies he recently supported. Other Genies investors include Mary Meeker's Bond Capital, Breyer Capital and New Enterprise Associates.

Genies Inc was founded in 2017 by 29-year-old entrepreneur Akash Nigam. With $ 100 million in funding and more than 100 employees, the company provides tools for creating virtual characters, clothing and accessories backed by non-fungible tokens. NFTs are considered an integral part of what many see as the next big wave of innovation called Web3.0 or Metaverse Experience.

Genies also operate the NFT Marketplace, where users can sell their work for a 5% commission on primary and secondary sales. Last year, Genies partnered with Universal Music Group NV and Warner Music Group Corp. to welcome artists such as Justin Bieber, Migos, Rihanna and Cardi B as users.

Mr Iger said that he invested in Genius because he believes that the ability of anyone to easily create and sell virtual products will be a key element of the Metaverse. It can also be used to transform the entertainment industry and explain the evolution of the virtual world, where people can work, learn and socialize.