A metaverse play just got a huge new teammate and a big cosign this morning. Genies, a California-based metaverse and non-fungible token (NFT) startup, is beefing up its leadership with none other than former Disney (NYSE:DIS) executive Bob Iger. Iger’s new career move is a sharp pivot, taking his expertise from Disney’s animation studios to Genies’ NFTs. What could this mean for the metaverse?
Bob Iger is a renowned executive in the media space. For a decade and a half, Iger helmed Disney, helping it grow in a big way. When Iger took the wheel, Disney acquired the likes of Pixar, Marvel and Lucasfilm, bolstering the repertoire of an already huge media conglomerate.
In 2020, Iger stepped down from his role at the company. In the years since, Disney has replaced Iger with its current CEO, Bob Chapek. And while Iger’s original plan for post-Disney life was retirement, it seems his plan has changed.
Bob Iger Takes a New Path With Genies NFTs and Metaverse Tech
Take one look at the Genies website, and you’ll notice that the essence of the company is not so different from Disney’s. The startup calls on its users to channel “the fantasy version of you,” untethering from reality and embracing the virtual realm through Genies NFTs. So when Iger decided to come out of retirement and begin anew with a leadership position, Genies looks like a perfect fit.
News this morning shows that the former Disney executive is taking a role on the board of Genies. As the Wall Street Journal reports, Iger is one of just five board members at the company, sharing the table with the likes of Genies co-founders Akash Nigam and Evan Rosenbaum.
Genies is a metaverse player that focuses on avatars — that is, the virtual representation of oneself when using the metaverse. In its first five years of existence, the company focused on creating NFT avatars; these avatars help metaverse players show off the best representation of themselves in the virtual space that they want. But early this year, the company began its expansion beyond simple avatar creation.
Now, Genies is empowering creators to create their very own Genies NFT avatars. In doing this, the company is also ceding ownership of its avatars to both the creators and users of the end product.
While still a private company, Genies is gathering a lot of interest among metaverse-minded investors. The addition of Bob Iger to the company is certainly helping it gather some name recognition today.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
