Sailing in the same boat as its competitors, private equity and tech investment firm Silver Lake has led the funding round for the popular NFT platform Genesis with an aim to explore the Web3 space. The funding round helped Genesis to pool a whopping amount of $150 million for its ecosystem from the industry. With this development, Silver Lake is willing to further its expansion plans across the fast-growing realm of Web3 technology and protocols.
Amid the global technological and industrial development, Web3 has managed to gain the top rank when it comes to popularity. Firms from across the globe have shown keen interest in proliferating into the Web3 space addressing it as the next big thing on the Internet. Traditional investment companies are placing their big bets on Web 3.0 projects to diversify their investment portfolios. There has been a rising craze for a decentralized, digital internet cluster that leverages support from blockchain technology. Small and medium crypto firms are becoming the mainstream choice for investment groups planning to venture into the domain.
With this funding round, Genesis has managed to emerge as an elite member of the unicorn startup club. The company, which is now valued at $1 billion, has become a strong player in the world of Non-Fungible Tokens. The firm is banking upon the potential of Metaverse technology to sustain its growth in the global NFT space. The platform helps customers to mint their favorite NFT tokens and design their own digital avatars in a seamless way. Earlier in May 2021, Genesis fetched $65 million in a funding round that was led by Mary Meeker’s Bond Capital. The event witnessed active participation from multiple renowned platforms including Polychain, Dapper Labs, Coinbase Ventures, Hashkey, etc.
Further, in December Genesis collaborated with Hollywood’s biggest music firms like the Universal Music Group and Warner to work as their official provider of avatars and digital collectibles. The portal is presently working with global celebrities like Cardi B and Justin Bieber to help them curate their digital versions. On the other hand, Silver Lake is also a reputed brand with a strong client base and diverse ecosystem devoted to investment services. The firm manages more than $90 Billion in assets for users. The group’s investments in crypto involve names such as blockchain infrastructure provider Alchemy and Fanatics which serves as the proud owner of the NFT sports collectibles firm Candy Digital.
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