HomeNEWSIkonz Entrance to the Indian NFT Space

Ikonz Entrance to the Indian NFT Space

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Rana Daggubati and the founder of Anthill Ventures, Prasad Vanga, have both backed the Indian metaverse company called Ikonz. It is a first-of-its-kind platform that wants to help celebrities and owners of collectables in managing their digital assets. Ikonz aims to help IP owners understand the complex world of blockchain technology, find different means to monetize, and upscale.

Bollywood’s celebrities have all lined up to announce the launch of their own NFT collections. Non-Fungible Tokens are unique digital art forms, collectables, and other in-game items. However, most of the excitement surrounding NFT is related to digital art.

Amitabh Bachchan, Yuvraj Singh, Kamal Hassan, and many other celebrities have entered the marketplace by launching their own NFT marketplace. An additional name that has been added to this list is that of actor-investor Rana Daggubati.

Ikonz is headed by Indian American entrepreneur Abhinav Varma Kalidindi. He believes India will be the next big marketplace for NFT business. In his statement to Economic Times, Kalidindi said that the social media landscape would soon see a change with Web3, and the internet will move to blockchain technology.

Kalidindi’s vision helped him support actors Rana Daggubati and Prasad Vanga. Ikon has been aggressively operating since August 2021 to bring together at least 50% of the premium entertainment IP owners under its single banner. It has also formed an advisory panel consisting of the earliest investors in the cryptocurrency, blockchain, virtual reality, and gaming space.

Also Read: India bags a total of $638 million investment in blockchain and cryptocurrency in 2021

Kalindi said that the company aims to introduce a new set of IP partners every month. Ikonz has acquired iconic characters for the NFT space like Suppandi, Shambu from Amar Chitra Katha, and Tinkle.

Is India Really Going To Be The Next Big NFT Market?

NFTs are seeing a boom like no other digital asset. According to the data tracker platform Dapp Radar, 2021 saw NFTs (Non-Fungible Tokens) make more than $23 billion in trade. The Indian market is no stranger to the NFT business.

Moreover, NFT has disrupted the art world, and though it has been around for some time, it was only in 2021 that celebrities and artists pushed it from a relatively unknown to a mainstream phenomenon. However, some say that the frenzy around NFTs bears all the signs of a classical economic bubble, and it won’t take long for it to burst.

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