Are genes NFTs? Bob Iger enters the Metaverse in a new leadership role.

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Former Disney exec Bob Iger is taking on a new venture in the metaverse


This morning, a giant new comrade and a gigantic cosign were added to a metaverse play. Genies, a California-based metaverse and non-fungible token (NFT) business, has added former Disney (NYSE:DIS) chief Bob Iger to its board of directors. Iger's new career path takes him from Disney's animation studios to Genies' NFTs in an abrupt turn. What does this imply for the metaverse?


Bob Iger is a well-known executive in the media industry. Iger was the CEO of Disney for a decade and a half, and he was instrumental in the company's rapid growth. When Iger took the helm, Disney acquired Pixar, Marvel, and Lucasfilm, strengthening the portfolio of an already massive media empire.


Iger will step aside from his position as CEO of Disney in 2020. In the years since, Disney has replaced Iger with Bob Chapek, the company's current CEO. And, while Iger's original plan for life after Disney was to retire, it appears that his plans have shifted.


Bob Iger Takes a New Path With Genies NFTs and Metaverse Tech


Take a look at the Genies website, and you'll note that the company's essence isn't all that dissimilar to Disney's. Through Genies NFTs, the business encourages its customers to channel "the fantasy version of you," untethering from reality and embracing the virtual universe. So, when Iger chose to come out of retirement and start over in a leadership role, Genies appears to be a natural choice.


According to reports this morning, the former Disney executive will join the board of Genies. According to the Wall Street Journal, Iger is one of just five board members at the company, including Genies co-founders Akash Nigam and Evan Rosenbaum.


Genies is a metaverse gamer who specializes on avatars, which are virtual representations of oneself in the metaverse. During its first five years of operation, the company worked on developing NFT avatars, which allow metaverse participants to show off the finest image of themselves in the virtual area that they desire. However, the company began expanding beyond simple avatar generation earlier this year.


Genies is now allowing creators to make their own Genies NFT avatars. In doing so, the corporation relinquishes ownership of its avatars to both the makers and users of the final product.


While it is still a private startup, Genies is attracting a lot of attention from metaverse-minded investors. Today, the addition of Bob Iger to the corporation has surely helped it get some name recognition.


What Does the Major CryptoPunk NFT Merger Mean for the Bored Ape Yacht Club?


The CryptoPunk NFT collection has grown stale in some holders' eyes. News today of a Bored Ape merger can shake things up for the better.


CryptoPunk holders are hoping to see big changes under new management


Non-fungible tokens (NFTs) have quickly become popular among art collectors, crypto aficionados, and arbitrage traders. The hot industry movement combines aspects of all three populations, tokenizing art with the possibility for rapid appreciation, and storing it all on the blockchain. And today, NFT traders are ecstatic about a fresh merger. The transaction brings together two of the world's largest NFT firms. So, what does the CryptoPunk NFT merger potentially mean for investors?


CryptoPunks is one of the most established and profitable NFT collections to date. Thousands of distinct, computer-generated images of pixelated sprites are tokenized in the project. Furthermore, the collection was offered in June 2017 on the Ethereum (ETH-USD) chain by parent business Larva Labs.


NFTs will be extremely popular in 2021. The concept began to resonate with investors, who were looking for a new business with significant growth potential. CryptoPunks, as one of the first initiatives, served as a sort of mascot for the NFT mania. As the months pass, CryptoPunks become among of the industry's most valuable tokens; in February, one CryptoPunk traded for approximately $24 million.


The Larva Labs crew has been able to enjoy the collection's success. Even Visa (NYSE:V) purchased a CryptoPunk token in August as a way to learn more about the space and to commemorate the beginning of a new chapter for an industry that it believes will only increase in importance as time goes on.


While CryptoPunks' popularity has recently declined, the collection is being shook up by a new buyer. What will be different this time?


CryptoPunk NFT Merger Gives Bored Ape Founders a Chance to Redeem the Pixel Tokens


The CryptoPunk NFT collection may be one of the most profitable projects in the space, but it has recently come under scrutiny. Indeed, CryptoPunk owners have been critical of Larva Labs for being mainly absent from the project's future growth. The corporation, a two-man operation that has been hands-off from the project's inception, is now giving these critics what they want, owing to the news of a merger.


Indeed, Larva Labs announced this week that it has sold the CryptoPunks' intellectual property rights to Yuga Labs, the firm behind the Bored Ape Yacht Club NFT collection.


The Bored Ape collection, which was born in April of 2021, has quickly caught up with CryptoPunks. In many ways, it has surpassed the previous endeavor. The randomly produced ape NFTs have evolved into more than just a status symbol for holders; possessing an ape token has given investors access to a club of holders with its own set of advantages, including admittance to real-life events.


This is huge news for those who believed CryptoPunks were going out of style. Yuga has proven to be adept at keeping things interesting; in addition to providing holders with guest-list access to events, the Bored Ape creators have given away a slew of new tokens for free to holders of the original collection.


In the midst of the acquisition, changes to the collection are already visible; Yuga has offered all CryptoPunk holders full commercialization rights for their tokens, as it currently does for Bored Apes. Furthermore, the company is keeping an ear to the ground for what's next for the collection; a Yuga spokeswoman said the company will "listen" to what consumers do with their tokens.


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