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Akshaya.io to set up Metaverse store for Vummidi Bangaru Jewellers

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The 122-year-old jeweller also aims to offer non-fungible tokens of some of its exclusive designs of jewellery

Vummidi Bangaru Jewellers (VBJ), a 122-year-old jeweller in the South, is embracing Metaverse, NFT and Virtual Reality and Augmented Reality. The firm will soon come out with a Metaverse store to showcase its range of jewellery.

It roped in Akshaya.io to develop virtual and augmented reality (VR/AR) assets for the jewellery company. It will also help VBJ to offer Non-Fungible Tokens (NFTs) of some of its exclusive designs of jewellery. A NFT is a non-interchangeable unit of data stored on a blockchain that can be sold or traded.

“We would be creating a platform that would put VBJ along side some of the most prominent brands from around the world. This model will enable VBJ customers to own a specific piece of graceful jewellery and own the digital rights of the design,” Ganesh Raju, CEO, Akshaya.io said in a statement on Thursday.

‘Making designs immortal’

“This association will help us build digital assets that will make our designs immortal, and help our customers own their favorite designs as NFTs,” Vummidi Amarendra, Managing Partner of Vummidi Bangaru Jewellers, said.

“Akshaya.io has invested $10 million through internal accruals from founder and seed investors to build a robust technology platform,” the statement said.

Published on May 13, 2022

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