Flipkart to foray into Web3 and Metaverse

Flipkart

Flipkart has launched ‘Flipkart Labs’ to build and create technology-based solutions and plans to foray into Web3 and Metaverse.

This new arm will leverage emerging technologies, incubate cutting-edge ideas, and deliver breakthrough solutions to the ecosystem, said the company in a press statement. The Innovation Lab will test Web3 and Metaverse use-cases with real-world applications, including NFT-related use-cases, Virtual Immersive Storefronts, Play to Earn, and other Blockchain-related use-cases.

Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, said, “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 decentralisation, openness, and greater user utility, will have a profound impact across many areas including e-commerce. Web 3.0 is poised to play a strong role in India`s digital acceleration.”

“Some of the use-cases like immersive commerce, NFT-related use-cases, and more are very promising and, as one of the first areas of focus in Flipkart Labs, we want to collaborate with the passionate Web3 community, innovate and set the standard for commerce in the Metaverse,” Ravula added.

The e-commerce giant will look at innovating in areas like customer experience, logistics/supply chain, and accelerating digital commerce in the future. The Innovation Labs will also include Flipkart Camera which was formed after the acquisition of AR/VR startup Scapic in November 2020.

Flipkart Labs will be housed in the Product Strategy & Deployment (PSD) arm of the Flipkart Group. It will also look at potential collaborations beyond the organisation with brands, merchants, startups, and technologists.

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