As the Web3 or the metaverse keeps growing, several companies from food, to clothing to footwear have opened their virtual stores. Entertainment channel Disney under CEO Chapek is also exploring the virtual world and its former chair Bob Iger, has invested in a startup Genies Inc. and has also joined its board. Iger stepped down from Disney at the end of last year and his future moves were being watched closely, after his retirement.

Although the amount of the investment by Iger in the startup is not known, it has been confirmed that he is joining the board of the Los Angeles startup. He also shared his Genies avatar on social media. Other members include 29-year old co-founder and CEO Akash Nigam, co-founder Evan Rosenbaum. Two other members include Mary Meeker, who is a general partner and founder of Bond, a venture capital firm, who has invested in Genies and Rick Yang who is a general partner at NEA.

In a statement, Iger said that he had always been attracted by the intersection of art and technology. He added that Genies provided both “unique and compelling opportunities” and had used the combination to “enable new forms of creativity, expression and communication.”

The metaverse has also attracted a host of Hollywood celebrities and personalities. Genies said that it has partnered with Universal Music Group and Warner Music Group. The company officially provides avatars and non fungible tokens NFTs for both the groups. It has already created digital images of the following stars
Justin Bieber
Migos
Cardi B.

The startup also has a market place for NFTs. It is called The Warehouse. Talent and creators can design as well as sell their avatars in this marketplace.

In a press release, the 5-year young startup said that Iger would help the company grow and that they would ultimately build “avatar ecosystems.” These systems would include digital fashion lines and more on online worlds where these avatars can interact and move beyond their current 3D avatars.