Akshaya.io, World's First "Phygital" Platform to Develop VR/AR Assets for Vummidi Bangaru Jewellers

May 12, 2022 23:30 IST | ANI Press Release
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From Left to Right: Ganesh Raju, CEO, Akshaya.io with Vummidi Amarendra, Managing Partner, Vummidi Bangaru Jewellers

Chennai (Tamil Nadu) [India], May 12 (ANI/NewsVoir): Vummidi Bangaru Jewellers, a legendary brand known for its elegance and finesse, has partnered with Akshaya.io, World's first 'Phygital' platform to develop virtual and augmented reality (VR/AR) assets for its designs. Akshaya.io will also be developing a Metaverse store for VBJ to showcase and trade in its exquisite and exclusive pieces of jewellery, and their original designs as Non-Fungible Tokens (NFTs).

Commenting on the association, Ganesh Raju, CEO, Akshaya.io said, "Web 3.0 is all set to transform utility of internet to unimaginable levels. The new buzz words like Metaverse and NFT, emerging from the digital spectrum will enhance user experience by generations. We are happy to partner with a legendary brand like Vummidi Bangaru Jewellers, and we would be creating a platform that would put VBJ alongside some of the most prominent brands from around the world. This model will enable VBJ customers to own a specific piece of graceful jewellery and own the digital rights of the design. The VBJ Metaverse platform would not just bring in a never before shopping experience but will also transform this space, operationally."

"Internet is transforming itself each day, and with it, new innovations are entering into the lives of humans! VBJ is proud to be associated with Akshaya.io, World's first 'Phygital' platform, Founders of which are early-stage adapters of blockchain technology. Their vision makes me believe, together we would create a platform that would provide an unparalleled experience to our most discerning customers. This association will help us build digital assets that will make our designs immortal, and help our customers own their favorite designs for life, as NFTs," added Vummidi Amarendra, Managing Partner, Vummidi Bangaru Jewellers.

While the technology world has been talking about augmented reality (AR), virtual reality (VR), machine learning (ML), and artificial intelligence (AI), the emergence of Metaverse, which can be defined as a simulated digital environment using all the earlier mentioned tools along with blockchain, is all set to mimic the real world. The new-age digital spectrum has created new assets and built avenues to trade with them. Non-fungible tokens (NFTs) are digital assets using which one can trade across products, including online-only assets. A NFT is a non-interchangeable unit of data stored on a blockchain that can be sold or traded. Metaverse, NFT combined with other advanced tools is Web 3.0 transformation which the World has started to experience.

Akshaya.io is country's first ever platform that brings Metaverse, NFT, and Digital Twin together to enable users claim ownership of physical + digital assets with certified proof of authenticity. From those interested in dealing with unique collectibles to rare artifacts,Akshaya.io will be a healthy community of highly astute customers.

Since its inception, Akshaya.io has created excitement among companies trading in jewelry, boutique furniture, artifacts, sports, entertainment, and other sectors, and is all set to sign many prominent Brands, Enterprises, and few celebrities as partners. Akshaya.io will be the first ever platform to provide the best experience of physical and experiential shopping in the virtual world. This is the only platform which will enable customers experience and own both digital and physical variants of any and every asset.

Akshaya.io has to date invested USD 10 million, through internal accruals from founder and seed investors, to build a robust technology platform that is all set to provide a unique experience to its partners and customers. The money invested has gone into develop the backend software and to strengthen Network across India. Currently, Akshaya.io has physical offices across 45 cities in India, Bangladesh, and Nepal, and has developed strong connect with prospective partners. Partners will create or add their NFTs to Akshaya.io platform to be sold or traded.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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