On Friday, Walmart-owned Flipkart announced a partnership with Ethereum-based Blockchain platform Polygon to establish a centre of excellence (CoE) in India to work on 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, Flipkart.
🇮🇳 India’s commitment to #Web3 is getting stronger day by day 💪🏽@Flipkart, India’s leading e-commerce giant has teamed up with #Polygon to create a Blockchain-eCommerce Centre of Excellence (CoE) that will strengthen Web3 development & metaverse commerce use cases in India 🌍 pic.twitter.com/boAdgP0nWl— Polygon – MATIC 💜 (@0xPolygon) December 2, 2022
The news comes just months after Flipkart launched Flipkart Labs, a new initiative to test Web3 technology and eCommerce use cases.
Flipkart Labs forayed into Web3 and metaverse commerce in order to investigate non-fungible tokens (NFTs), immersive virtual stores, and other Blockchain-related use cases.
Flipkart has launched FireDrops, a simple NFT platform that allows brands to explore community building and pivot the value of NFTs around utilities.
During the festive sale in October, Flipkart also collaborated with eDAO to launch Flipverse, a virtual shopping experience in the metaverse.
Flipverse enabled brands to organize one-of-a-kind product launches and create engaging user experiences in a hyper-realistic, game-like environment.
Sandeep Nailwal, Co-Founder of Polygon, 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.
Polygon, an Ethereum (ETH) Layer-2 network, has been actively bringing web2 companies into the blockchain industry. JPMorgan recently completed its first DeFi transaction involving the tokenized Singapore Dollar (TSD) and Japanese Yen on Polygon’s blockchain.
Polygon recently powered Reddit’s NFT collectible avatars collection, onboarding over 3 million users to the space, and Meta, Instagram’s parent company, selected Polygon as its initial partner for its upcoming NFT tools in Instagram.
Other global companies that used the network included Stripe, Robinhood, Liverpool Football Club, Dolce & Gabbana, Adidas, and more.