Robert Iger, the former Disney CEO, is apparently making the leap into the metaverse. The 71-year-old is joining the board of Genies and, according to the WSJ, made a sizable investment in the company as well.
Genies is an LA-based startup that celebrities and others are using to create NFT avatars and digital goods in the metaverse. They are the “official avatar and digital goods NFT provider” for Universal Music Group and Warner Music and have created avatars for musicians such as Justin Bieber, Migos, and Cardi B. The company also runs an NFT marketplace, The Warehouse.
Alright, So What?
This is just another suit and tie getting exposure to the metaverse trend, right? Yes. But there’s a bigger story here…
Bob Iger isn’t your typical board member. As the CEO of Disney from 2005 to 2020, there really hasn’t been anyone more successful in managing IP in the 21st century. Iger essentially took creative ideas (movie pitches), and with them, created legacy characters, products, and entire theme parks that go well beyond just entertainment. Not to mention that during his 15-year stint at Disney, the company’s market cap rose from $48 billion to $257 billion.
While it’s still very early (aka we’re just speculating here), you have to wonder what this might mean for the entertainment industry going forward. The marriage of an already established NFT/metaverse entity, and Bob Iger, the mastermind of entertainment IP and franchise-backed worldbuilding, could very well make Genies one of the hottest companies of Web3 in the years to come.
So, despite whatever wacky avatar experience comes next, Iger’s step into the metaverse is still a massive endorsement for the space.