Indian Ecommerce Giant Flipkart To Explore Web3 and Metaverse Commerce

E-commerce marketplace, Flipkart, announced its plans to launch an in-house innovation capability Flipkart Labs, to build Web 3.0 solutions.

The platform is owned by the world’s largest retailer, Walmart. The company said that the innovation marks its interest in entering the web3 realm and exploring metaverse, NFTs, immersive virtual stores, and play-to-earn games.

“We are in the early days of a paradigm shift from Web2.0 to Web3.0 and this evolution of the web/internet built on the concepts of decentralization, openness, and greater user utility will have a profound impact across many areas including e-commerce.”

The aim of Flipkart Labs is to build and create technology-based solutions that improve and enhance the shopping experience and also redefine the e-commerce game in the country.

Flipkart will test new web3 and metaverse usability with real-world applications. The company will include virtual storefronts, NFT use cases, play-to-earn, and other blockchain uses.

The  VP and Head of Flipkart Labs, Naren Ravula said: “Web 3.0 is poised to play a strong role in India`s digital acceleration. We are committed to the growth of the e-commerce ecosystem in India and Web 3.0 leverages the best of latest technology like blockchain for real-world use cases that can digitally transform businesses like ours.”

It also has plans to build the brand with collaborations with brands, startups, merchants, and others. This initiative of Flipkart will help to deploy the emerging technology and its importance to over 400 million customers.

In 2018, Walmart acquired Flipkart for a 77% stake for a whopping $16 billion. Additionally, Walmart will also enter into the Metaverse space with its own digital currency and NFT collection. Recently, the company has filed many trademarks.

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