'Phygital' likely to be next big trend in NFTs; adds real value for the buyer: Akshaya.io

economictimes.indiatimes.com:

Akshaya.io, an NFT marketplace launched its 'phygital' collection by Masterchef Vikas Khanna based on his book Sacred Tastes of India on Thursday. Commenting on the volatility in the crypto and NFT markets, Ganesh Raju, Founder and CEO, Akshaya.io said, in an interview with Etmarkets.com, that the web3 technology is going to revolutionise the e-commerce landscape. According to him, NFTs are more often than not related to just digital artworks of monkey images or cat images, which leads to question — what is the true value of such collectibles. This has led to emergence of the 'phygital' concept — phygital + digital.

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«We aim to ensure niche and authentic physical collectable items to our platform that buyers will love to own with pride and can be kept for generations» he added. «This would add more value, which would appreciate over the years». Lately, NFT collections have taken a big hit, thanks to the correction in the crypto markets and criticism from investors like Warren Buffett and Bill Gates. Investors, who bet on NFTs due to FOMO, fell prey to various pump and dump projects. Raju believes that 'Phygital' theme can realise the true value of NFTs «As soon a buyer buys our NFT, a ERC721 token is minted and stored in Ethereum blockchain, which is immutable, he said. »Security is of utmost importance for us and that is the main reason, our NFTs are minted in Ethereum blockchain, even though there is a higher gas fee," he added. Once the hype and the dust settles down around NFT, phygital theme might be the next big thing in space. Akshaya believes that