Metaverse firm Ikonz sets eyes on a big slice of Indian NFT business

Mumbai: At a time when many Bollywood and sports celebrities
are busy planning the launch of their digital collectibles, or non-fungible tokens (NFTs), actor-investor Rana Daggubati and Anthill Ventures founder Prasad Vanga have backed Indian-American entrepreneur Abinav Varma Kalidindi’s Indian metaverse company, Ikonz.

Ikonz is a wealth-building platform that will help IP owners, artists and other established icons manage their digital assets. Kalidindi said Ikonz will act as a 360-degree platform for IP owners, to help them navigate the complexities of the technology, understand the different means of monetisation and upscaling.

NFTs, which are blockchain-based digital assets,
saw a huge uptake in trading last year. As per data tracker DappRadar, NFTs clocked more than $23 billion in trading last year, and 2022 has started with at least three NFT sales of over $5 million each. And, while NFTs are yet to take off in India, Kalidindi believes the country will be the next frontier and presents a “huge opportunity”.

“The social media scene will change drastically in the next 5-7 years with Web3. Everything will be in 3D. The Internet will be decentralised and based on blockchain technology,” Kalidindi, founder and CEO of Ikonz, told ET. “I have been presenting the idea of Ikonz to investors here in India after shifting base and Rana (Daggubati) and Prasad understood it very quickly.”

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