Flipkart has established a strategic alliance with Polygon Companies, the creator of the top Ethereum scaling protocol and provider of scalable, inexpensive, safe, and long-lasting blockchains for Web3. In order to hasten the adoption of Web3, the agreement will lead to the establishment of a Blockchain-eCommerce Center of Excellence (CoE) in India that will focus on research and development of Web3 and metaverse commerce use cases.
This collaboration comes after a number of recent forays into Web3 by Flipkart. Flipkart Labs, the innovation wing, was introduced earlier this year to incubate various concepts to bring innovation to the Indian e-commerce sector. To investigate NFTs, Virtual Immersive shops, and other Blockchain-related use cases, Flipkart entered the Web3 and Metaverse commerce space with Labs. According to the company since then, it has introduced FireDrops, a user-friendly NFT platform that enables companies to explore fresh possibilities for community building and refocus the value of NFTs around utilities.
Flipkart and eDAO collaborated to launch Flipverse, a virtual shopping platform in the metaverse, during the holiday sale. Flipverse gave businesses the tools they needed to plan original product launches and design fun user experiences in a setting that felt like a video game.
Decentralization, blockchain technology, and token-based economics are all included in the concept of Web3, which is a new version of the World Wide Web. This includes the world of NFTs and digital collectibles, which have advanced significantly in recent years as brands have discovered new ways to generate value for both themselves and their users. Decentralized technologies are still in their infancy and haven’t really taken off yet. It will be possible to have a significant effect and fulfill the promise of Web3 for everyone as per the company.
Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, stated, “Innovation is one of the main pillars for Flipkart and we have consistently worked towards technology solutions to scale new frontiers and introduce new products and services. We are delighted to partner with Polygon, a company that is at the forefront of blockchain innovation, nationally and internationally. With the COE, we look forward to working with them 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.”
Sandeep Nailwal, Co-Founder of Polygon says, “We are excited to partner with Flipkart to create the Centre of Excellence. Polygon’s mission is to bring the next billion users to Web3 and this partnership will pioneer research and development at the intersection of Web3 and experiential retail which will advance adoption and impact in India and across the world. We see the Blockchain-eCommerce Centre of Excellence as an engine for the evolution of e-commerce in the years to come.”
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