In order to establish a Blockchain-eCommerce Center of Excellence, Flipkart teams up with Polygon
Over the past year, the leading e-commerce company has been testing Web3 ideas through Flipkart Labs. It introduced FireDrops, an NFT platform for brands, earlier this year. Flipkart tested its metaverse, called Flipverse, during the holiday sale.
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On December 2, Walmart-owned Flipkart announced a strategic alliance with Polygon to establish a Blockchain-eCommerce Center of Excellence (CoE) in India. This will help to hasten the adoption of Web3 through research and development of Web3 and metaverse commerce use-cases.
"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 at Flipkart.
Over the past year, the leading e-commerce company has been testing Web3 ideas through Flipkart Labs. It introduced FireDrops, an NFT platform for brands, earlier this year. Flipkart tested its metaverse, called Flipverse, during the holiday sale.
"The partnership brings expertise from the world of e-commerce and Blockchain and lays the foundation for innovation at a protocol, platform, and product level for decentralised e-commerce in India," said Naren Ravula, VP, Head of Product Strategy at Flipkart and Head of Flipkart Labs. "This is especially true through brand collaborations and initiatives like 3D storefronts, novel NFT drop mechanisms, trustless standards for commerce, on-chain loyalty, and play-to-earn experiences."
Web3 is hailed as the next iteration of the internet since it uses blockchain technology to decentralise applications. This emerging industry is still battling problems including laws, token volatility, and hefty taxation, among others.
According to Polygon's co-founder Sandeep Nailwal, "This partnership will pioneer research and development at the intersection of Web3 and experiential retail, which will advance adoption and impact in India and throughout the world. Polygon's mission is to bring the next billion users to Web3. We believe that the Blockchain-eCommerce Center of Excellence will power the future development of e-commerce.
