“We have to first create a mindset of owning digital assets. India is a value-conscious market so we will bring in a lot more value for the NFTs or the stories. Even if they have to spend a slight premium, the NFT and Metaverse version would be loaded with value,” he says

Owning a NFT of a comic would also enable a token holder to trade it. Devarajan of Graphic India explains, “When I used to go to a comic store or a comic convention, I could trade or sell them however I wanted. However, if I buy a digital comic book on a platform like Kindle or iBooks, it may exist in that digital platform for me to read it anytime I want, but I can’t take it to other platforms. And more importantly, I can’t sell it to someone else. Even though the cost may be pretty close to the physical price. NFT’s solve that problem with blockchain ownership – replicating the way a physical collectible can be rare and traded.”

Khimani cites an example from the world of brand endorsements. Celebrities often endorse apparel and lifestyle brands. If they are spotted wearing a Gucci jacket or a Tag Heuer watch, it is invariably a brand endorsement.

“In the world of Metaverse, the same celebrity can have his/her digital avatar who could wear the same Gucci jacket and watch a fantasy sport in a digital sport. People can buy that digital merchandise as it would have value attached to it. So, the IP is the same, only the ways of communicating it are different,” she explains.

Brands across the globe have started investing in brand-building on Metaverse. Apparel brand H&M recently announced that it would be offering a three-dimensional shopping experience to its consumers on its virtual store on Metaverse via CEEK city. While those clothes can only be worn in the digital environment, consumers can also order them from the physical stores later.

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