All digital items will become NFTs in virtual worlds. NFTs/digital assets of brands will act as the foundational layer for the main business model or economies in the Metaverse.
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“The movie provides the nearest form of metaverse example. In the movie, the DeLorean time machine from Back to the Future movie series, the titular robot from The Iron Giant, the RX-78-2 Gundam, King Kong, Mechagodzilla, and several other iconic IPs feature as characters or player skins and items inside a 3D, virtual reality game. This way, Ikonz is aiming to become a one-stop-shop for IP owners looking to dabble in NFTs.ĪLSO READ What are NFTs and why these virtual tokens are being sold for millions of dollars Iconic IPs in the metaverseĪbinav recommends people watch Steven Spielberg’s 2018 science fiction flick ‘Ready Player One’, to understand how brands will participate in virtual worlds. Ikonz also works with Indian brand owners to help distribute the IPs and choose the right partners to do so. You have been successfully registered for our daily newsletter. Get stories of change makers and innovators from the startup ecosystem in your inbox It is critical to design the correct methods and the rights and formats for how these IPs will participate in the metaverse, and this is where Ikonz steps in,” Abinav says.
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So, there is a need to protect IPs in terms of where they’re going. “Web 3.0 is decentralised, so people can use NFTs in many ways.
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However, an Amar Chitra Katha NFT may not fit well in a horror-themed virtual world, and the reputation managers at the brand may want to prevent this from happening.
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Ikonz helps them navigate the landscape of choosing the right technology as well as monetising and upscaling their IPs,” Abinav explains.įor instance, an owner of an Amar Chitra Katha NFT may be free to take their NFT and theoretically jump to any virtual world, as blockchains powering NFT marketplaces become increasingly interoperable. It is not easy for IP owners to decide how and where their brands should participate, all without risking their brand reputation. “It’s a confusing world out there, with numerous virtual platforms, metaverses, blockchains, and cryptocurrencies. In fact, we have already onboarded Amar Chitra Katha, Tinkle, and characters such as Suppandi and Shambu,” he tells The Decrypting Story.Need for IP protection in virtual worldsīacked by Anthill Ventures and actor Rana Daggubati, Abinav’s NFT startup is essentially a wealth-building platform that supports IP owners, artists, and other established icons to manage their digital assets and participate in virtual worlds in a safe and protected manner. “We work with iconic Indian IPs and brands so we can help them tell Indian stories to the world through NFTs and the metaverse. To this end, his Singapore-headquartered startup Ikonz came out of the stealth mode in late 2021 with a mission to bring together 50 percent of India’s premium entertainment IPs and brands under a single banner.
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The momentum looks set to continue in 2022 with various NFT startups cropping up, and the likes of NFT marketplace OpenSea recently raising $300 million to accelerate NFT adoption.Įntrepreneur Abinav Varma Kalidindi believes India should not be left behind, and should bring its own iconic IPs and the biggest cultural icons to the metaverse. Amid the crypto and blockchain boom, the world is increasingly becoming aware of how NFTs act as building blocks for peer-to-peer economies in virtual worlds, or the metaverse. Non-fungible Tokens (NFTs) became a rage in 2021, with the Collins Dictionary even making it the word of the year.