Akshaya.Io World’s First "Phygital" Platform To Develop VR/AR Assets For Vummidi Bangaru Jewellers

12 May, 2022 15:53 IST|Sakshi Post

A Metaverse store will be built to showcase and trade-in exclusive designs.

Hyderabad: Vummidi Bangaru Jewellers, a legendary brand known for its elegance and finesse, has partnered with Akshaya.io, the 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, Mr Ganesh Raju, CEO, of Akshaya.io said, "Web 3.0 is all set to transform the utility of the internet to unimaginable levels." The new buzzwords like Metaverse and NFT, emerging from the digital spectrum, will enhance the user experience by generation. 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 to the design. The VBJ Metaverse platform will not only provide a never-before-seen shopping experience but will also operationally transform this space.

"The Internet is transforming itself each day, and with it, innovations are entering into the lives of humans! VBJ is proud to be associated with Akshaya.io, the world’s first ‘Phygital’ platform, the founders of which are early-stage adapters of blockchain technology. Their vision makes me believe that, 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 favourite designs for life, as NFTs, "added Mr VummidiAmarendra, 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 the 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. An NFT is a non-interchangeable unit of data stored on a blockchain that can be sold or traded. Combining NFT with other advanced tools is a Web 3.0 transformation that the world has started to experience.

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