Flipkart partners with Polygon to to set up a Blockchain-eCommerce Centre of Excellence

Web3 is touted to be the next version of the Internet as it aims to decentralize applications through the blockchain technology. (Representative Image)

Walmart-owned Flipkart on December 2 announced a strategic partnership with Polygon to set up a Blockchain-eCommerce Centre of Excellence (CoE) that will work on research and development of Web3 and metaverse commerce use-cases in India to accelerate the adoption of Web3.

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.”

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Through Flipkart Labs, the e-commerce major has been piloting with Web3 initiatives over the past year. Earlier this year, it launched FireDrops, an NFT platform for brands. During the festive sale, Flipkart piloted its metaverse - called Flipverse.

Naren Ravula, VP, Head of Product Strategy at Flipkart and Head of Flipkart Labs, said, “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 decentralized e-commerce in India, especially through brand collaborations and initiatives like 3D storefronts, novel NFT drop mechanisms, trustless standards for commerce, on-chain loyalty, and play-to-earn experiences.”

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Web3  is touted to be the next version of the Internet as it aims to decentralize applications through the blockchain technology. This nascent sector is still grappling with issues around regulations, volatility of tokens, high taxes, among others.

Sandeep Nailwal, Co-Founder said, “Polygon’s mission 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 which will advance adoption and impact in India and across the world.  We see the Blockchain-eCommerce Centre of Excellence as an engine for the evolution of e-commerce in the years to come.”