New Delhi [India], July 27 (ANI/BusinessWire India): India's first NFT integration platform, DigiPhyNFT, has stepped into the world of Web3.0 and is continuously creating a niche for luxury brands, heritage artefacts, service providers and artists to find new revenue streams in the future of commerce. DigiPhyNFT believes that NFTs are here to stay as it is already bringing about a change in the way brands interact with their customers. The company has already boarded 15 brands and individuals from the field of art, music, luxury fashion, heritage jewellery, and so on, by bundling them with NFTs and incorporating them in the world of Metaverse.
With India being the 6th largest NFT consumer and housing only a handful of NFT companies, platforms are required wherein the gap is bridged to provide extensive knowledge around the technologies they can leverage. This is where DigiPhyNFT steps in with their advanced yet user-friendly end-to-end technology which makes such brands leverage the diverse benefits of Web3.0.
Chirag Jain, CEO of DigiPhyNFT, said: "After working in retail consulting and investment bank for about 8 years now, I have come to realise that the existing brands are not able to leverage the Web3.0 space to its fullest potential. When the idea of DigiPhyNFT bloomed over a conversation with my friends in 2021, I wanted to make it super easy for these brands and their customers to be NFT and Metaverse-ready. I firmly believe that early adoption of Web3.0 can be a huge growth opportunity."
Aman Khurana, CTO of DigiPhyNFT, said: "The strength of our company lies in the fact that we make the process of minting NFTs a cakewalk. It gave me so much joy just thinking about our API not only benefiting brands but also booming our economy if common Indian masses began to leverage the benefits of our platform."
Vinod Sood, Mentor to DigiPhyNFT (also the Co-founder and MD of Hughes Systique Corporation; and mentor and early investor of OYO Rooms) said: "DigiPhyNFT will create a revolutionary future for brands of today. I credit DigiPhyNFT for creating a technology platform that every consumer can benefit from. I'm excited about the opportunities in this space and I feel DigiPhyNFT is uniquely placed to capture those with their technological superiority."
Problems that DigiPhyNFT is solving:
It is undeniable that Web3.0 is slowly engulfing its way into the ecosystem. Brands need to be prepared for this revolution and not fall behind as they did when social media and internet platforms were setting new business trends. People are already seeing musicians such as SnoopDog and brands such as Gucci leveraging their way into the world of NFT. However, the current state of the problem is that it is too difficult for a common man to mint and buy NFT. On the other hand, it is also difficult for a brand to sell NFTs due to the incomprehensible technology that existing NFT platforms provide. Forget about even using such products in Metaverse, which will ultimately be the real future 5 years down the line. Today, brands have to spend an immense amount of time and money to set up their own NFT infrastructure. Also, their customers need a complicated blockchain wallet and cryptocurrency in order to get started and pay for the NFT along with a heavy gas fee.
DigiPhyNFT aims to break this notion of NFT being a complex technology by making it easy for common people to create and sell NFTs by themselves in the near future. Brands can now leverage DigiPhyNFT to integrate NFTs in their own website and offline stores without investing in infrastructure. DigiPhyNFT also provides a platform where customers don't need blockchain wallets and all the transactions can be done in INR while eliminating the need of paying gas fee. Furthermore, with Metaverse technology already evolving to its best ability each passing day and with Facebook rebranding itself as 'Meta' is already testing NFTs on both of its biggest platforms Instagram and Facebook. Thus, the future of DigiPhyNFT enables metaverse wearable products and showcasing NFTs in social media platforms by building a community for brands, influencers as well as common masses.
Current growth status:
DigiPhyNFT has integrated about 15 brands and individuals (some of them listed below) on its marketplace ranging from different industries such as fashion, art, music and jewellery.
In the sphere of India's fashion industry, Akhilesh Pahwa, a high-end designer from Delhi, and Raiysa, a multi-brand designer store, are providing NFTs with their clothes by giving access to consumers to retain lifetime ownership of traceable and authenticated assets along with Metaverse wearables, which is an upcoming trend in the world of luxury fashion. Famous Indian jeweller, BPS Jewellers is providing NFTs with their premium heritage jewellery along with a unique narrative for future generations to cherish their heirloom.
With the art-NFT market already booming in USA and Europe, Indian artists like Roop Chand and Dennis Macwan have come on board with DigiPhyNFT with an aim that if artists around the world are leveraging NFTs, why should India be left behind. Collins Osemeke, an Indo-Nigerian, who has already been introduced to cryptocurrency before feels that DigiPhyNFT is the future as it makes it easier to integrate his art with NFTs. On the other hand, art galleries such as Artisya from Gurgaon, are upselling and creating a new revenue stream by bundling their premium inventory of artworks with NFTs.
With music, North-East India's techno artist, CraneSounds and Delhi-based SyncSystm are all set to launch their new music with NFT which will provide perks such as festival passes, merchandise, metaverse concerts and so on for their fan base.
The Company's future:
DigiPhyNFT is all set to onboard another 30 clients by the end of August 2022 with the positive traction it is already getting. It projects to have around 350+ brands integrated by January 2023 and looking to have 1lac plus daily users visiting the platform. It will further be working on integrating the real world with the metaverse where the purchased NFTs can be transformed into wearables and usables in metaverse showrooms, concerts, galleries and fashion shows. In this way, DigiPhyNFT aims to make everyone future-ready.
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