Flipkart teams up with Polygon to introduce Metaverse application cases in the e-commerce sector
On Friday, 2nd Dec, 2022, Flipkart teamed up with Polygon, an Ethereum-based Blockchain platform, to establish a centre of excellence (CoE) in India to conduct research and development on Web3 and metaverse commerce use-cases.
Decentralized technologies are still in their infancy and have not yet surpassed the mainstream.
The Metaverse is a virtual world created by the convergence of the physical and digital realms. It is a decentralized platform that allows users to interact with each other and with virtual objects, using avatars and virtual currencies.
Flipkart and Polygon plan to use the Metaverse to create immersive, interactive shopping experiences for their customers. This could include virtual showrooms, where customers can try on clothes and accessories, or virtual stores, where customers can browse and purchase products in a virtual environment.
The partnership is part of Flipkart’s broader efforts to innovate and differentiate itself in the highly competitive e-commerce market. It is also a strategic move by Polygon, which is looking to expand its presence in the Indian market.
Overall, the collaboration between Flipkart and Polygon is a significant step forward for the adoption of the Metaverse in the e-commerce space. It is likely to lead to new, innovative shopping experiences that will enhance the customer experience and drive growth for both companies.
Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart, said, “With the COE, we look forward to working with Polygon and using their expertise and technological know-how to successfully onboard customers to the value proposition of Web3 or Metaverse commerce as well as Web3 in general.”
The e-commerce platform created Flipkart Labs earlier this year to incubate various solutions to bring innovation to the nation’s e-commerce market.
In order to investigate non-fungible tokens (NFTs), virtual immersive stores, and other Blockchain-related use cases, Flipkart entered the Web3 and metaverse commerce space with Labs.
A simple-to-use NFT platform called FireDrops has been introduced by Flipkart to let companies explore community development and refocus the value of NFTs on utilities.
Flipkart and eDAO collaborated to launch Flipverse, a virtual shopping portal in the metaverse, during the holiday sale.
The next billion consumers will be brought to Web3, according to Polygon co-founder Sandeep Nailwal, and “this cooperation will lead research and development at the convergence of Web3 and experiential shopping.”
We believe that the Blockchain-eCommerce Centre of Excellence will power the advancement of e-commerce in the ensuing years.
