Indian e-commerce giant, backed by Walmart Flipkart, has decided to venture into Web3.0 and Metaverse. Flipkart is launching this innovation unit called Flipkart Labs, which will facilitate business functions in the meta-verse.
This entry into the Web3.0 plan will benefit from new technologies, contribute to the development of advanced technologies and also focus on providing solutions to the ecosystem.
Flipkart said the in-house innovation unit specifically wants to explore Metaverse e-commerce this year and also focus on NFTs, virtual immersive stores and the ever-popular play-to-win segments, as well as other business cases. use related to blockchain.
Naren Ravula, Vice President and Head of Product Strategy and Deployment, Flipkart Labs, quoted that
One of Flipkart Labs’ primary focus areas is to collaborate with the Web 3.0 community and set the standard for commerce in the meta-verse, and Web 3.0, the next iteration of the Internet, will have a profound impact on e-commerce solutions, leveraging the best of the latest technologies like blockchain for use cases in the real world that can digitally transform companies like ours.
Accelerating digital commerce with the meta-verse
Flipkart Labs will be a unit in the product strategy and implementation part of the Flipkart group. He will be responsible for working with talent-creating technology solutions while focusing on potential collaborations. These collaborations go beyond brands, merchants, startups and other technologies.
The e-commerce giant will bring innovation in the areas of user experience, customer service and logistics / supply chain, which in turn will accelerate and set standards for commerce in Metaverse.
Greater user benefit can be created with the development of decentralization, as the paradigm shift from Web2.0 to Web3.0 has just begun, according to Ravula.
The innovation laboratories will include the Flipkart camera, which was created after the start-up Scapic acquired AR / VR at the end of 2020.
Since then, it has rolled out several immersive shopping experiences based on 3D and augmented reality, and with more innovation from Flipkart Labs, the company hopes to add more such features through its commitment to the meta-verse.
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Despite India’s rigid stance on crypto development, space development is underway
Walmart had quietly planned to go into Metaverse with plans to create its own cryptocurrency and a collection of non-fungible or NFT tokens. The development had started from the end of last year, as it had already started its branding process.
Walmart intended to start selling virtual goods, electronics, home decorations and other things through Web3.0.
Although India has maintained a rigid view of cryptocurrencies and taxed crypto earnings of 30%, it is quite refreshing to witness the developments taking place in space, especially when crypto still seems to be at a fairly incipient stage in the country.
Earlier this year, Japanese e-commerce giant Rakuten Group launched its own NFT Marketplace, which includes digital collectibles from the sports and entertainment section.
Related reading | Retail giant Walmart is entering the meta-verse with its own crypto and NFTs
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