Former Walt Disney Co boss Robert Iger said he is backing a metaverse start-up, which is used to create avatars that can then be sold on a non-fungible token (NFT) marketplace.
In his first career move since leaving the entertainment company, where he was its chief executive from 2005 to 2020 and then continued as an executive chairperson until November, he joined the board of Genies Inc.
Iger met approximately two dozen start-up executives prior to becoming one of the five directors on the Los Angeles-based company’s board.
Genies allows users to create virtual avatars, clothing and accessories, which can then be sold on an NFT marketplace for a 5% fee on primary and secondary sales.
“I was particularly interested in companies that were using technology for disruptive purposes and, where possible, the intersection between technology and creativity,” he told The Wall Street Journal (WSJ) in an interview.
Iger added he chose Genies as he believed its ability to easily create and sell virtual goods will change the entertainment industry and be a key part of the metaverse.
“We deliver a variety of different tools, tools that allow users to create different types of avatar species, to create different avatar fashion lines, to be able to create different avatar worlds, and then also avatar interactive experiences,” Akash Nigam, Genies chief executive and founder, said.
Iger also recently invested in the business, as well as four other new technology companies.
Genies signed partnerships with Universal Music Group NV and Warner Music Group Corp, through which it counts artists including Justin Bieber, Migos and Rihanna, the WSJ said.
NFT sales have surged in the last year with over US$17bn spent on them in 2021 compared with under US$100mln in 2020, Nonfungible.com found in a recent report.