CHENNAI: First came the PDF versions of your favourite books. Then came the e-versions on Kindle. Soon, the paperback books took a backseat. While bookworms still go back to sifting through physical pages, it is time to get ‘phygital’, it seems. Introducing this concept is Akshaya.io, an NFT marketplace, through chef and author Vikas Khanna’s latest offering Sacred Foods of India. Compiled as a tribute to the culture and heritage of India, it is the first Indian book to be launched as an NFT.
From the rajma of Amarnath and sooji halwa and lauki chana dal of Dargah Hazrath Nizamuddin to the pao of St Anthony’s church and uniappam of Anantha Padmanabasawamy temple, the Michelin Star chef’s book covers the sacred foods of temples, mosques, gurudwaras and churches across the country.
The NFT created by Akshaya.io will enable Khanna’s fans and those interested in rare collectables to own the original NFT along with the physical book. This will authenticate the originality of this limited-edition work; ownership of the asset cannot be duplicated in any form. Ganesh Raju, CEO, Akshaya.io talks to us about this unique launch.
What are NFTs and how they will change the future?
Non Fungible Tokens are digital records that provide verifiability of authenticity and provenance of a collectible item that is one-of-a-kind, rare, and scarce. These digital records are stored in an immutable database called blockchain. NFTs have opened up a new avenue, incredible opportunity and vast potential for artists and content creators to monetise their assets.
It provides the owners of the asset to gain royalties by trading them in future. In other words, NFTs can be used as a form of investment. There is a lot of buzz and hype around NFTs and people relate NFTs to just digital images of monkeys and cats that sell for millions of dollars. Akshaya wants to differentiate itself by going beyond digital novelty and utilising NFTs as a contractual counterpart to a physical collectible that you can ‘touch and feel. We call this ‘Phygital’.
Tell us about your association with Vikas Khanna, and releasing his book as an NFT?
At Akshaya, our goal is to bring Web3 technologies like NFT, Metaverse, DigitalTwin and Deeptech together into one cohesive platform. We plan to focus on creating an India-centric platform that highlights its thousands of years of cultural heritage traditions, spirituality and diversity. And the food is something that touches everyone’s soul and heart. ‘Sacred Foods of India’ is a true collector’s item that highlights all that we were looking for. Nothing like this has ever been done before. Owners of this asset will possess it for generations. This is a true tribute to the greatness and vastness of our country as we celebrate the 75th year of India’s independence.
How does the process work?
It is like buying any product on an e-commerce website. What Akshaya provides for the owners is the physical collector’s item along with an NFT record of authenticity and ownership, and also a 3D digital twin of the same item, which owners can proudly foray into the metaverse that is coming up.
Are NFTs accessible and affordable to all? Is India ready to explore NFTs?
NFTs in general can be accessible and affordable to all. Akshaya’s focus is on bringing in high-end luxury collectible items that are one-of-a-kind and rare. Yes, we are already seeing momentum in the space in India. The younger generation is the fastest to validate this potential and adopt it, and India has the largest younger generation.
Can you elaborate on your future collaborations?
Our vision is to focus on 10 different segments, spanning lifestyle (fashion, jewellery, etc), entertainment (music, movies), arts, wellness, sports, tourism, etc. We have already signed up with close to 30 partners across these segments. VBJ is one such partner in the jewellery segment to bring unique high-end designer jewellery.
Though we are also working on expanding our partnership with Vikas, we are also working on our next launch in a different segment to bring a true collectors ‘phygital’ item that owners will be proud to own.
You can purchase Vikas Khanna’s limited edition collectible through akshaya.io web platform.