WHAT IS IKONZ?
With the rise of the metaverse, major brands and artists are looking for partners to facilitate their entry into the next era of user engagement. Ikonz is a metaverse company that helps IP owners, artists and other established icons manage their digital assets.
STEPPING INTO THE METAVERSE
Over the past three decades, virtual communication has evolved from text to images/audio to videos. These advancements allow us to feel more present with our community by giving us an immersive social experience.
As AR/VR worlds develop, avatars are going to become 3D representations of users. They will be able to replicate one’s expressions and gestures, thereby making interactions come alive. People will potentially have multiple avatars:
- a photorealistic one for work and school
- a stylized one for hanging out with friends
- a fantasy one for playing video games.
Similarly, users will own assets in these virtual worlds – be it collectibles, in-game assets, or land parcels. NFTs are the data standard on which these assets will be built.
As users spend more time in the metaverse, different virtual worlds will be created. Decentraland, Sandbox, Crypto Voxels, and Somnium Space are already attracting traction.
We predict the rise of specialized virtual worlds to cater to the needs of developers, book lovers, Harry Potter fans, singers, etc.
Entertainment brands have loyal fans and we believe their metaverse partners must understand the IP’s context. Ikonz is led by Indian American entrepreneur, Abinav Kalidindi alongside actor Rana Duggubati and Prasad Vanga from Anthill Ventures. They form a powerful trio that can position Ikonz as the preferred metaverse partner for brands.
THE IKONZ ECOSYSTEM
In order to cater to entertainment IP, a team with strong roots in the industry was the best fit. With Abinav and Prasad’s entrepreneurial experience and Rana’s position in the Indian ecosystem, we are confident that Ikonz will be the preferred partner for Indian brands. They have started strong and have already secured partnerships with Suresh Production, Bahubali, and Amar Chitra Katha.
As the exclusive metaverse partner for these three brands, Ikonz will provide three main pillars of support for them:
- Technology: Ikonz will help these brands choose the right technology for optimal scaling and interoperability.
- Monetization: The team has experience in monetizing IPs through different formats and has access to vibrant NFT communities.
- Legal: They offer legal support to their customers to make sure they navigate regulatory frameworks with ease.
THE ROAD AHEAD
The metaverse is still in its early stages. J.P Morgan has opened a lounge in Decentraland, Snoop Dogg is building the SnoopVerse in Sandbox and Pepsi launched 1893 NFTs to commemorate their establishment year.
Traditional brands are trying new ways to interact with their audience, customers, and stakeholders and they need an expert to help them navigate the ever-evolving metaverse. The Ikonz team has the right resources and technical knowledge to help brands step into the metaverse and Woodstock is excited to be a part of this journey with them.
Author – Ishita Srivastava, Research Partner, Woodstock
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