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Walmart-owned Flipkart on December 2 announced a strategic partnership with Polygon to set up a Blockchain-eCommerce Centre of Excellence (CoE) that will work on research and development of Web3 and metaverse commerce use-cases in India to accelerate the adoption of Web3.
Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, said, “With the COE, we look forward to working with Polygon and leveraging their expertise and technical know-how to successfully onboard users not just to the value proposition of Web3 or Metaverse commerce but also Web3 in general.”
Also Read: Flipkart burns over $3.7 billion cash in about a year till September 2022
Through Flipkart Labs, the e-commerce major has been piloting with Web3 initiatives over the past year. Earlier this year, it launched FireDrops, an NFT platform for brands. During the festive sale, Flipkart piloted its metaverse – called Flipverse.
Naren Ravula, VP, Head of Product Strategy at Flipkart and Head of Flipkart Labs, said, “The partnership brings expertise from the world of e-commerce and Blockchain and lays the foundation for innovation at a protocol, platform, and product level for decentralized e-commerce in India, especially through brand collaborations and initiatives like 3D storefronts, novel NFT drop mechanisms, trustless standards for commerce, on-chain loyalty, and play-to-earn experiences.”
Watch | What is a metaverse? Is it going to be the next big technological phenom?
Web3 is touted to be the next version of the Internet as it aims to decentralize applications through the blockchain technology. This nascent sector is still grappling with issues around regulations, volatility of tokens, high taxes, among others.
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