In a partnership with Genies, Universal Music Group is ready to roll out avatars of all the artists on its roster. How cool is that?!
Calling attention of Hollywood fans who also like to take frequent sensational metaverse detours- Tinseltown has made its way to the virtual world! After celebrities like Shawn Mendes and Justin Bieber, it is now Universal Music Group that has partnered with the industry leader Genies Avatars. So what is the collaboration about?
In a statement on Thursday, Universal Music Group announced its new collaboration with Genies where the company will build merchandise and avatars for all the artists on its roster. The performers can later port these avatars on both Decentraland and their Twitter profiles.
This is not the first time that Genies has tapped into the NFT obsession of Hollywood. Earlier, Rihanna used her avatar created by the company to promote her beauty brand Fenty apart from other stars like Justin Bieber.
The CEO of Genies Akash Nigam said:
All of their labels are leaning in. Over time we will clone everybody under the UMG roster as a Genie avatar.
Are you ready for a Hollywood merchandise marketplace?
While it looks like that UMG only wants to build the avatars for its artists performing in virtual concerts with Genies avatars, the label has other underlying goals too. Users might soon witness a full-fledged NFT merchandise marketplace not only for the celebrities but also fans. This can be everything from accessories and clothing to wearable tech, etc.
The home blockchain of NBA Top Shot, Dapper Lab’s Flow will host the new marketplace that will soon roll out in the months to come. Most of the items to be available in the marketplace can cost from $3 to $15.
“The wearables may unlock different music components.” CEO Akash Nigam, Genies.
I think there’s going to be unlockable events. Like, ‘Oh, now because I got this wearable I can unlock, you know, the Migos show that’s happening in this space.’ I think things like that will happen. We’re still a little bit away from that, so we’re starting with basically the tip of the iceberg.
Genies Avatars and the booming industry of celebrity avatars
Metaverse has proliferated a whole new set of industries that would have sounded irrelevant decades earlier. One such booming billion dollar industry is avatar creation for celebrities, especially Hollywood.
Currently, Genies controls 99.9% of this industry’s share, marking a safe monopoly. However, that doesn’t mean that tables cannot turn for the company. Metaverse is an ever-evolving space and avatars too can modify at unprecedented speed. These can be of many uses, from gaming holograms to human-like avatars for social media platforms such as Meta.
More diversity means more competition as the time progresses. If you look at it, metaverse itself was not a very competitive space until Mark Zuckerberg made his plans with the technology public. Since then, there is an influx of different metaverses and new investors making million dollar purchases everyday.