Flipkart to boost metaverse marketplace with blockchain firm Polygon

However, the partnership will be an opportunity to create a large impact and deliver on the promise of Web3 for all, the companies said in a statement.

IANSUpdated: Friday, December 02, 2022, 04:03 PM IST
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Flipkart on Friday partnered Ethereum-based Blockchain platform Polygon to set up a centre of excellence (CoE) that will work on research and development of Web3 and metaverse commerce use-cases in India.

Still in its early days, decentralised technologies are yet to become more mainstream.

However, the partnership will be an opportunity to create a large impact and deliver on the promise of Web3 for all, the companies said in a statement.

“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,” said Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart.

Earlier this year, the e-commerce platform announced Flipkart Labs to incubate various solutions to bring innovation to the e-commerce space in the country.

With Labs, Flipkart ventured into Web3 and metaverse commerce to explore non-fungible tokens (NFTs), virtual immersive stores, and other Blockchain-related use cases.

Flipkart has launched FireDrops, an easy-to-use NFT platform for brands to explore community building and pivot the value of NFTs around utilities.

During the festive sale, Flipkart also partnered with eDAO to launch a virtual shopping experience in the metaverse called Flipverse.

Sandeep Nailwal, Co-Founder of Polygon, said the aim 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”.

“We see the Blockchain-eCommerce Centre of Excellence as an engine for the evolution of e-commerce in the years to come,” he added.

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