Forbes India 15th Anniversary Special

Flipkart announces partnership with Polygon to work on Metaverse use cases

The partnership is meant to accelerate the adoption of web3 and metaverse in India

Shashank Bhardwaj
Published: Dec 6, 2022 06:46:02 PM IST

Flipkart announces partnership with Polygon to work on Metaverse use casesImage: Flipkart Labs

Flipkart has announced a strategic partnership with Ethereum-based blockchain platform Polygon to speed up the adoption of metaverse and web3 in e-commerce. Flipkart has planned to set up a centre of excellence (CoE) and put it to work on research and development of metaverse and web3 e-commerce use cases in India.

"We have consistently worked towards technology solutions to scale new frontiers and introduce new products. We are delighted to partner with Polygon, a company at the forefront of blockchain innovation, nationally and internationally," said Jeyandran Venugopal, Flipkart's chief product and technology officer.

Flipkart sees innovation as one of the main elements of development, said Venugopal, and explained that the partnership with Polygon is meant to accelerate the adoption of web3 in India and will significantly impact the future of web3 in the country.

He further added, "With the CoE, we look forward to working with them 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."

"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," said Sandeep Nailwal, the co-founder of Polygon. "We see the blockchain E-commerce Centre of Excellence as an engine for the evolution of e-commerce in the years to come," he added.

Since Flipkart announced that Flipkart Labs is going to incubate solutions to push forward the e-commerce scene in India, it has launched an easy-to-use NFT platform for brands to explore new ways of community building.

"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 decentralised 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," said Naren Ravula, Flipkart's vice president and head of product strategy.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash