Walmart-backed Indian E-commerce giant Flipkart, has decided to venture into Web3.0 and Metaverse. Flipkart is set to launch this innovation unit called Flipkart Labs, which shall facilitate commercial functions in the Metaverse.
This plan to foray into Web3.0 will leverage the emerging technologies, aid the development of cutting edge technologies and also focus on delivering solutions to the ecosystem.
Flipkart reported that the in-house innovation unit specifically wants to explore Metaverse e-commerce this year itself and also focus on NFTs, virtual immersive stores and the ever-popular play-to-earn segments along with other blockchain-related use-cases.
Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, has quoted that,
One of the first areas of focus for Flipkart Labs is to collaborate with the Web 3.0 community and set the standard for commerce in the Metaverse, and Web 3.0, the next iteration of the internet, will have a profound impact across e-commerce solutions, it leverages the best of latest technology like blockchain for real-world use cases that can digitally transform businesses like ours.
Accelerating Digital Commerce Through Metaverse
Flipkart Labs shall be a unit of the Product Strategy & Deployment arm of the Flipkart Group. It shall be responsible for working with the talent building technology solutions along with focusing on potential collaborations. These collaborations look beyond brands, merchants, startups and other technologies.
The E-commerce giant will bring innovation in areas of user experience, customer service and logistics/supply chain, which in return shall accelerate and set standards for commerce in Metaverse.
Greater user utility can be worked on with the evolution of decentralisation as the Paradigm shift from Web2.0 to Web3.0 has just begun, according to Ravula.
The Innovation Labs shall include the Flipkart Camera that was created after the acquisition of the AR/VR through startup Scapic at the end of the year 2020.
Since then, it has deployed many such 3D and augmented-reality based immersive shopping experiences and with more innovation from Flipkart Labs, the company hopes to add more such features through its venture into the Metaverse.
Suggested Reading | McLaren Turbocharges Into The Metaverse, Rolls Out MSO LAB
Despite India’s Rigid Stance On Crypto Developments In The Space Are Underway
Walmart had been silently planning to enter the Metaverse with plans to create its own cryptocurrency and collection of non-fungible tokens or NFTs. Developments had started from the end of last year as it had already started its trademark process.
Walmart intended to start selling virtual goods, electronics, home decorations and other items through the Web3.0.
Although India has maintained a rigid opinion about cryptocurrencies and has taxed crypto gains at 30%, it is quite refreshing to witness developments happening in the space, especially when crypto still appears to be in a quite nascent stage in the country.
Earlier this year, Japanese E-commerce giant Rakuten Group had launched their own NFT marketplace which comprises of digital collectibles from the sports and entertainment section.
Related Reading | Retail Giant Walmart Ventures Into The Metaverse With Its Own Crypto And NFTs
Featured image from UnSplash, chart from TradingView.com
This article was first published on Bitcoinist.com