- AcknoLedger employs blockchain for asset digitization, emphasizing Fungible and Non-Fungible Tokens (NFTs).
- The company's M2D Model maps, monetizes, and distributes NFTs, uniting disjointed metaverses.
- The founders envision AcknoLedger as a leader in Web 3 digital assets, backed by a $1.5M seed funding round.
Remember those days, when we used to have a phonebook that consisted of all the names and numbers since there were no mobile phones in use yet? We might not remember but our parents and grandparents would. But as time progressed - we started using computers to be the storerooms of data.
We started digitizing data for long-term reliance and convenience. But we are no longer in a state of progression but rather a digital age where it is time to digitize the assets.
Digitizing the assets has been possible through blockchain technology in this Web 3.0 Universe. In simpler words, categorizing the talent, research, and art of an individual along with holding rights for the same has gotten easier. This is done through Fungible and Non-Fungible Tokens.
What is the difference between them?
Tokens that are fungible can be traded or switched with no loss in value. Consider one-to-one currency exchanges for cryptocurrencies like Bitcoin or Ethereum, where each unit is identical.
Non-fungible tokens (NFTs) are currently the glitzy divas of the internet. They are distinctive digital assets that signify the ownership or veracity of particular objects, such as works of art, collectibles, or digital real estate.
Each NFT, unlike its dull fungible brothers, has unique specific features that make it unique and irreplaceable. On blockchain platforms like Ethereum, NFTs flaunt their wares, guaranteeing safe ownership and bragging rights for digital treasures.
To put it simply, fungible tokens are copies that you can swap easily, and non-fungible tokens are the unique unicorns that make you stand out. Presently, there are hundreds of companies and start-ups that are into this digital realm of NFTs and AcnoLedger is one of them. But what makes it interesting is their business model and their progression in this field.
More about AcknoLedger
AcknoLedger has categorized its research into six categories - Metaverse and Gaming NFTs, Patent, Copyright, Market Research, Scientific Research, and Others. In order to be the nervous system of this digital realm, it has to have the capability to manage and supervise things in a very centralized way. That's exactly the mission of AcknoLedger.
AcknoLedger proposes to Map, Monetise, and Distribute the NFTs calling it an M2D Model. With this, it will be able to connect various metaverses that are yet disconnected under many aspects as mentioned above.
But what distinguishes AcknoLedger from the rest, are these four points/ features: (Source: AcknoLedger)
- Lifecycle tracking and Plagiarism Checks of NFTs
- Interoperability Checks of NFTs
- Facilitating new ways of revenue for NFT collectors by leveraging arbitrage opportunities, trending NFTs, Brand Promotions, etc
- Utility, scarcity, social proof, and many other features tracking of NFTs through UCNS (Universal Content Numbering Scheme)
These four features are through which the annual revenue slab was below $250,000 and the traction in the beginning years i.e. 2021-22 was about 15k+ users coming to the platform on average and partnerships with around 80+ Metaverses and gaming platforms. But right now, the company is in a much better stage.
The founders of the company Yash Dahenkar, Abhishek Singh Rajpurohit, and Kuntal Ganguly not only aim to resolve the challenges of NFT through their approach but also become a Google and Amazon for the Web 3 digital asset space. According to them, this is possible as their road map suggests, which is as follows.
FROM 2020 TO 2021
2022 ROADMAP (Source: AcknoLedger)
- Q1: Launch of Platform Andromeda ( Phase 1 ),
- Q2: Launch of Platform Triangulum ( Phase 2 ) Development of Alpha Trianguli
- Q3: Development of Beta Trianguli
- Q4: Development of Iota Trianguli
Before we understand the approach of Acknoledger, it's important to know why we want to choose AcknoLedger, and what the problems that it promises to resolve. (Source: AcnoLedger)
- Lack of discovery tools and solutions for Digital Assets & NFTs.
- Cannot make Informed decisions while buying NFTs.
- No track of the Interoperability of NFTs across Metaverses.
- Complex Process to claim the ownership of Content (text, audio, video, and images) and Digital Assets.
- Plagiarism of Digital Assets.
In order to resolve this, there are three segments in which the company chooses to provide solutions: (Guardians of NFTs)
- UCNS: NFTs, those incredible digital riches, have something akin to a special ID card called the UCNS (Universal Content Numbering Scheme). It assigns a special number, like a superhero code, to every NFT. UCNS maintains order, monitors ownership, and establishes validity. Similar to a secret decoder ring, it proves you are the rightful owner of great digital goods like music or art. Your NFT collection gets even more amazing and reliable with UCNS.
- Problem - Content Identification: Just like UCNS, Consider the DOI for papers, the ISBN for books, the ISRC for music, and the ISSC for software. These codes assist in locating and monitoring particular material, ensuring that it is legitimate and error-free. Therefore, these codes function like superhero shields when you explore NFTs, guaranteeing the content is true and error-free. They act as magical detectors that guard you against any concealed issues or fakes. Keep in mind that in the world of NFT, these codes are the stewards of quality.
- Standards: These are set and driven by ACKNO Governance and formed by industry experts.
Funding
Their amazing idea and vision of acknowledging the problems of NFTs in the digitized world has surely convinced investors to fund the company. According to Crunchbase, Acknoledger has raised a total of $1.5M in funding over 1 round.
This was a Seed round raised on Dec 20, 2021. Moreover, it is funded by 21 investors out of which Carl Runefelt and Kardia Ventures are the most recent investors.
Although the company is extremely keen and interested in expanding its Gaming and Metaverse field, I believe it will also be among the big game players of other categories of NFTs. Along with that I also hope in the world of digitization, there is still room to involve belonging values of the consumers or NFT holders and buyers.
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Edited by Shruti Thapa
