‘Phygital’ likely to be next big trend in NFTs; adds real value for the buyer: Akshaya.io

On Thursday, Akshaya.io, an NFT marketplace, unveiled its ‘phygital’ collection by Masterchef Vikas Khanna based on his book Sacred Tastes of India.

In an interview with Etmarkets.com, Ganesh Raju, Founder and CEO of Akshaya.io, stated that web3 technology will revolutionize the e-commerce industry in response to the volatility in the crypto and NFT markets.

According to him, NFTs are frequently associated with digital artworks of monkey or cat images, raising the question of what the genuine worth of such collections is. This has given rise to the ‘phygital’ notion – phygital + digital.

“We aim to ensure niche and authentic physical collectable items to our platform that buyers will love to own with pride and can be kept for generations” he added. “This would add more value, which would appreciate over the years”.

NFT collections have recently suffered significant damage as a result of the crypto market drop and criticism from investors like Warren Buffett and Bill Gates. Investors who gambled on NFTs due to FOMO were duped by numerous pump and dump schemes.

Raju believes that the ‘Phygital’ theme may reveal the true value of NFTs. “As soon as a buyer buys our NFT, a ERC721 token is minted and stored in the Ethereum blockchain, which is immutable, he said.

“Security is of utmost importance for us and that is the main reason, our NFTs are minted in Ethereum blockchain, even though there is a higher gas fee,” he added.

When the dust settles around NFT, phygital theme might be the next big thing in space. Although Akshaya feels the notion is novel, she expects additional participants to join the fray.

Raju feels that there is a lot more steam left in the NFT area, which is why he is excited about his freshly released concept. He believes that phygital NFTs will be less volatile than pure-play digital rivals.

We aim to launch only exclusive and high-end elite collectibles in the coming future,” he said. “Our vision is to be the first platform that will bring NFT, DigitalTwin, Metaverse and Deeptech technologies into one single platform.”

Akshaya.io is building a single platform to transform the NFT trading process in order to promote and strengthen the community, artists, and customers.

The firm is developing its own metaverse, focusing on India, to emphasize the country’s rich history, tradition, and culture for the Indian diaspora, which has been going on for centuries.

“Being the world’s first phygital NFT platform, we would continue to bring more collections in the near future,” said Ganesh Raju. “We already have some partners onboarded on our platform and our next sports based project will be out soon.”

(Disclaimer: The interview was taken at an event hosted by NFT marketplace Akshaya.io for the launch of Vikas Khanna’s first NFT collection in Dubai)