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Akshaya.io Is Set To Become India's First NFT-Metaverse Marketplace As the Web 3.0 buzz catches on, 'Phygital' is becoming a trend for digital assets

By Saptak Bardhan

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Ganesh Raju (L) and Avinash Suresh (R)

Metaverse and NFTs are digital entities that have managed to capture the attention of the world. Digital assets better called Non-fungible tokens have been all the rage while Metaverse is slowly and gradually coming up. The market value of NFTs in 2020 was around $100 million. However, by the end of 2021, the market value shot up by 220 times and reached a value of $22 billion. Some of the more famous NFTs like Cryptopunk have been sold for as high as $23.7 million. Metaverse on the other hand is an entire virtual universe where an individual will be able to do a variety of things from attending concerts to socialising to travel, etc.

NFTs have witnessed popularity in India as the newer generations are interested in digital assets, especially with technology evolving constantly. The emergence of Web 3.0 which is claimed to be compatible with metaverse, NFTs and cryptocurrency will provide a huge boost to these platforms. NFT is said to be a unique digital identifier that cannot be copied, substituted, or subdivided and the transaction of which is recorded on a blockchain that certifies authenticity and ownership of the particular NFT.

"I think the younger generations are completely into it and living it. Those people are the ones who are moving on to web 3.0 and have a strong belief in it and technological advancement is taking it there as well," said Ganesh Raju, Founder and CEO, Akshaya.io.

Building the World's first Phygital NFT Model

Akshaya.io, India's very first NFT-metaverse marketplace has plans to change the idea of having only digital assets. Akshaya.io emphasises being a phygital model wherein the physical product will be provided as well as an individual would also have the rights to the digital version of the physical object. The company plugs the gap between NFT and metaverse, creating a combination of NFT and metaverse. The emphasis of phygital allows the user to have a touch and feel experience which erases the apprehensions of people recently shifting to digital. Akshaya.io would be dealing with exclusive items or collector's items.

Different companies are planning to launch their metaverses. Microsoft is coming up with its metaverse called Mesh, Nvidia is coming up with Omniverse, Google and Apple will boost the metaverse craze by bringing in better hardware focussed on Metaverse. Every metaverse that is being launched is different from its counterparts. However, Akshaya.io envisions assimilating all the metaverses under a standard common ecosystem. The company is focused on 10-12 segments ranging from fashion to jewelry to travel, etc. The main focus of the company would be targeting Indian traditions due to its uniqueness and the market size of India. On the Akshaya.io platform, An individual would be able to purchase an NFT from the marketplace and would be able to show the NFT to his/her friends on the metaverse while socialising with other people.

"We're launching it in 10 to 12 segments . In each segment, we're looking at an icon and it's going to be a grand launch with one iconic figure from every segment of the society," said Avinash, CMO, Akshaya.io

Akshaya.io has invested $10 million through seed investors and bootstrapping. Funds have been utilized to develop the backend software and to strengthen the network across India. Akshaya.io has physical offices in 45 cities in India, Bangladesh and Nepal.

Akshaya's Own Crypto Coins

The Akshaya.io marketplace will have options to pay in either fiat currency or via cryptocurrency. The company is in plans to launch its cryptocurrency called Akshaya Coin. However, they would still keep options open for other users to pay through Ethereum and other popular cryptocurrency options. The plan is to use cryptocurrency as a payment option. However, there are provisions for trading as the leadership intends to keep avenues open.

While the entire world is moving towards digital, Akshaya.io still wants to provide the touch and feel of the real product to its consumers. Digitization has taken the world by storm but providing something different and bringing in a cultural shift in the metaverse is the aim of Akshaya.io. The founders are also keen to raise funds to execute their vision of a synergized NFT-metaverse marketplace.

Akshaya's Founding Members

Ganesh Raju, the Co-Founder and CEO of Akshaya.io is an accomplished Digital Transformation Leader, nerd, cryptocurrency analyst, trader and enthusiast, particularly of open source permission-less, decentralized networks. Ganesh has an experience of over 27 years working for top Technology companies. An expert in artificial intelligence and machine learning, Ganesh has also spent a lot of time in the cryptocurrency space witnessing the evolution that has been taking place for the last two decades. Avinash Suresh is the other Co-Founder and CMO of Akshaya.io. Avinash is the alumni of Polimoda, a fashion school in Tuscany, Italy and has been working in the furniture and apparel industry for over five years.

Future Gazing

The advent of Web 3.0 and its compatibility with NFTs and the metaverse is set to transform the virtual world as we know it. Growing in size and stature, the metaverse and NFTs are set to capture markets worldwide. However, Akshaya.io being a consolidated NFT-metaverse marketplace and operating in a niche space, there is no limit for its growth. The gates of the Metaverse will be opened on the 3rd of May to mark the auspicious Akshaya Tritiya Day, with many NFTs from associated partners. Akshaya.io is keen to raise $100 million to expand its portfolio of partners and to market the platform across the country so as to take the company to the next level.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
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