Some scholars suggest that the name Jakanachari may have been derived from the terms dakshinacharya or tenkanacharya, meaning “sculptor of the southern region/or of the south.” Others have suggested that the roots of the name can be linked to the term yaksha. The likelihood that Jakanachari was a mythical figure has been largely based on the construction dates of three Hoysala temples that Jakanachari is credited with having worked on: the Chennakeshava temple in Belur, the Hoysaleshvara temple in Halebidu and the Chennakeshava temple in Somanathapura. While the first two temples were built in the early twelfth century, the temple at Somanathapura has been dated to the mid-thirteenth century, making it extremely unlikely that any artisan could have worked on all three temples. Further, given that Western Chalukya and Hoysala temples spanning nearly three centuries are associated with the Jakanachari legend, it is likely that the term referred to a guild of artisans who worked on temples of the Karnata Dravida style during this period. This guild and eleventh-century artisans such as Dasoja may have been integral to the adoption and evolution of the style under Hoysala patronage. It is also notable that there is no epigraphic evidence of Jakanachari in the form of inscriptions at a time when several master artisans working on Hoysala temples inscribed their signatures on their images. 

The myth of Jakanachari has been repeatedly depicted in popular culture in Karnataka, notably in the film Amarashilpi Jakanachari (1964). In 1995, the state government of Karnataka instituted the Jakanachari Award, which is conferred on master sculptors and artisans of the state.