All we know about Rana Daggubati's metaverse firm, Ikonz
Metaverse is all the rage right now. From big companies like Meta (previously Facebook) to big celebrities like Snoop Dogg and our very own Daler Mehndi, everyone seems to be investing in this digital world. And, actor Rana Daggubati doesn't want to be left behind. In fact, the Baahubali star has established his own metaverse firm, Ikonz. Here's everything to know about the company.
Why does this story matter?
A metaverse is a form of mixed reality that sees the convergence of physical, augmented, and virtual realities in an online space. Users can enter metaverses and interact with other users using (often personalized) avatars. Now, metaverse companies can exist for multiple purposes—ranging from investing/buying property to mediating the exchange of NFTs (non-fungible tokens) or virtual currencies that can be traded, acquired, or kept.
What will Ikonz do?
Coming to Ikonz, the company will primarily assist celebrities (actors, musicians, artists) and collectible owners in managing their assets in the metaverse. Co-founded in August 2021 by Daggubati and Indian-American entrepreneur Abhinav Varma Kalidindi, Ikonz is already working on bringing top brands to the medium. The digital IP firm has signed agreements with Indian comic book publications like Amar Chitra Katha and Tinkle.
'Will release editions of 'Amar Chitra Katha' as NFTs'
Under these agreements, Ikonz can create avatars based on the characters from the aforementioned comics and present the age-old tales in a digital format. "We will do editions of Amar Chitra Katha covers and release them as NFTs. The stories would be accessible to users only if they own the cover as an NFT," Kalidindi had explained to a publication earlier.
Amar Chitra Katha also signed 'digitalization' deal with Applause Entertainment
Notably, this isn't the only deal that Amar Chitra Katha has struck in recent times. Last year, Aditya Birla Group-owned content studio Applause Entertainment had entered an exclusive partnership with the publication to present several titles in animated forms via various digital platforms.
Daggubati's intellectual property rights will be owned by Ikonz
This isn't all as Daggubati's intellectual property rights will be also held by the firm, along with films owned by Suresh Productions. The legendary film production and distribution company, founded in 1964 by D. Ramanaidu, is home to numerous classic movies. Notably, Ikonz raised a seed round of funding from early-stage venture capital company Village Global and technology investment firm Woodstock in March.
