Flipkart leverages the Metaverse to offer a virtual shopping area

Flipkart has announced a metaverse-based shopping platform called Flipverse in partnership with decentralized music and entertainment company eDAO. The platform will be in an early adoption phase and will only be available to Android users for a week, the e-commerce giant said. The first phase will involve 15 brands, including clothing brand Puma, cosmetics and personal care brand Nivea and local electronics brand Noise.

Flipverse is part of Flipkart Labs, which was unveiled in April to create “blockchain and metaverse use cases” — an example of which included virtual storefronts such as the Flipverse platform announced today.

Flipkart further stated that the company currently does not plan to offer features such as the ability to link cryptocurrency wallets to the platform to migrate their NFTs. Flipverse will also not have its own token at this time. However, Flipkart said that users shopping on the platform will earn NFT rewards which can be monetized on physical goods.

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Platform users will also get virtual avatars, and a future version of the platform will also include collaborative shopping experiences – where users can interact with other people’s virtual avatars while shopping.

For now, industry experts say Metaverse’s e-commerce offerings will be largely educational and promotional. Sanjay Kothari, associate partner and market research firm Redseer, said: “There may not be an immediate feedback from metaverse experiences. But as users’ attention spans decrease, brands are definitely looking to create more engaging experiences for shoppers. »

Kothari added that since the experiments are at an early stage, most user engagement will be driven by mature users in Tier I markets. such as Flipkart, because even if a small percentage of a platform’s user base tries it, it will lead to a cumulative constructive pilot experience for such projects,” he added.

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As a result, Kothari said brands may consider adopting such experiences with increasing frequency in the future as e-commerce platforms seek to boost user engagement and novelty activities.

The move marks the latest advancement in metaverse e-commerce experiences in India, a burgeoning space at the moment. On June 10, Haryana-based NFT marketplace developer Gurugram, NFTically, launched its own e-commerce marketplace, Comearth, where brands can create their own virtual storefronts. At the time of the launch, Toshendra Sharma, CEO of NFTically, told Mint that brands including auto-home components brand Ceat Limited, multi-brand footwear retailer Metro Brands and textile conglomerate Mafatlal Industries had signed deals to be part of the metaverse space. .

Globally, platforms such as Decentraland, Roblox and The Sandbox have offered virtual and playful spaces for brands to create their personal stores and outlets as part of their sales promotion efforts. Last December, German fashion brand Adidas announced its NFT “Into The Metaverse” collection on The Sandbox, a decentralized metaverse platform. Last May, Italian luxury fashion brand Gucci also announced its own metaverse store in Roblox.

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In India, local metaverse platform Partynite has partnered with pharmaceutical brand Eno and telecom operator Bharti Airtel to deliver metaverse events and cinematic experiences.

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