Sportzchain Co-Founder Vinayak Yannam On India's First Phygital Sports NFT And The Dizzying Crypto Crash

In a zoom video interview with us, Sportzchain co-founder Vinayak Yannam spoke about launching India's first phygital sports NFT, the reason behind plummeting tech stocks and more.

By
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

In a zoom video interview with us, Sportzchain co-founder Vinayak Yannam spoke about launching India's first phygital sports NFT, the reason behind plummeting tech stocks and more.

Surjeet Singh Phygital Memorabilia

In his current position, Vinayak is responsible for managing the company's go-to-market (GTM) strategy, team partnerships, product strategy, and account management. Sportzchain is a blockchain-based fan engagement platform. The rare phygital NFT is a framed match day memorabilia symbolizing the notable achievement of Tamil Thalaivas captain and ace defender Surjeet Singh, a record 300 tackle points in the Kabaddi League.

FULL VIDEO: Sportzchain Co-founder Vinayak Yannam on crypto currency crash, India's first phygital sports NFT

As part of the phygital launch, Sportzchain also offered additional rewards to collectors. These rewards will be in the form of player meet and greet match day tickets, and early access to Tamil Thalaivas fan tokens. Along with this, the Sportzchain team shal also hand-deliver this rare phygital NFT and celebrate the noteworthy moment with a true-blue Tamil Thalaiva fan.

Before founding Sportzchain, Vinayak had worked with multiple reputed companies, including Capgemini Ventures, Aranca, Lynk Global, JPMorgan Chase, and Level Up! Games. With a vast experience and being one of the early movers and shakers in the Indian NFT marketplace, he understands the reason behind the recent crypto crash. "It is a very complex situation and has been triggered because of multiple events. There is inflation, the Russia Ukraine war and the supply chain issues happening in China. So all of these combined have affected the economy. Also the valuation of a lot of the tech stocks is sky high, so there was some amount of correction expected to happen. On the crypto side of things also there has also been a massive impact," explains Vinayak.

"Stable coins was one of the most preferred cryptocurrencies in the world because its value did not fluctuate too much. But once something went wrong there, there was a subsequent effect on the market. It's a turbulent time during which we will see some companies going up and others going down," he further elaborated.

To see the entire video interview where he discusses in detail about the NFTs, crypto crash and more, click on the link.