Flipkart has teamed with web3 company Polygon to establish a Blockchain-eCommerce Centre of Excellence (CoE). To hasten the adoption of Web3, the CoE will conduct research and build use cases for Web3 and metaverse commerce in India.
Flipkart is investigating how Web3 can reshape the future of commerce, consumption, and value creation and transform the shopping experiences for millions of people through its relationship with Polygon and the new Blockchain-Commerce Centre.
Over the past year, the leading e-commerce company has been testing Web3 projects through Flipkart Labs. This collaboration comes after a number of recent forays into Web3 by Flipkart. Flipkart Labs, its innovation arm, was introduced earlier this year to incubate various concepts to bring innovation to the Indian e-commerce sector. With Labs, Flipkart explored NFTs, Virtual Immersive stores, and other Blockchain-related use cases as they related to Web3 and Metaverse commerce.
Before its recent festival season sale, Flipkart collaborated with the Ethereum scaling protocol for Flipverse, its interactive virtual shopping platform on the metaverse. The Flipverse is created by eDAO, a company established by Polygon, in partnership with 23 teams from the tech, design, Web3, and brand industries. By encouraging new forms of engagement and use cases through NFTs that saw community exploration, the Flipverse reoriented the top-down relationship between customers and brands.
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.”
This partnership aims to enhance research and development at the nexus of Web3 and experiential retail, which will increase acceptance and impact in India and throughout the world, according to Sandeep Nailwal, cofounder of Polygon. He continues that the Blockchain-eCommerce Center of Excellence “will be a driving force in the future development of e-commerce.”