Walmart Owned Flipkart To Test Web3.0 Metaverse Extension

Indian e-commerce giant, backed by Walmart Flipkart, has decided to venture into Web3.0 and the Metaverse. Flipkart is about to launch this innovation unit called Flipkart Labs that will facilitate business functions in the metaverse.

This foray into the Web3.0 plan will take advantage of emerging technologies, contribute to the development of advanced technologies, and also focus on providing solutions for the ecosystem.

Flipkart said the in-house innovation unit is looking to explore Metaverse e-commerce specifically this year, as well as targeting NFTs, virtual immersive stores and the ever-popular play-to-win segments, as well as other business cases. blockchain.

Naren Ravula, Vice President and Head of Product Strategy and Deployment, Flipkart Labs, quoted that,

One of Flipkart Labs’ key focus areas is partnering with the Web 3.0 community and setting the standard for commerce in the metaverse, and Web 3.0, the next iteration of the Internet, will have a profound impact on ecommerce solutions, leverages the best of the latest technologies like blockchain for real-world situations that can digitally transform businesses like ours.

Accelerating digital commerce with the metaverse

Flipkart Labs will become part of the Flipkart Group’s product strategy and implementation. He will be responsible for working with technology solutions for talent creation while focusing on potential collaborations. These collaborations go beyond brands, merchants, startups and other technologies.

The e-commerce giant will bring innovation in user experience, customer service and logistics/supply chain, which in turn will accelerate Metaverse commerce and set standards.

According to Ravula, greater ease of use can be achieved with the evolution of decentralization as the paradigm shift from Web2.0 to Web3.0 has just begun.

The innovation labs include the Flipkart camera created after startup Scapic acquired AR/VR in late 2020.

Since then, it has rolled out numerous 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 venture into the metaverse.

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Despite India’s Rigid Position On Crypto, Space Developments Are Ongoing

Walmart quietly planned to enter the Metaverse with plans to create its own cryptocurrency and a collection of non-replaceable or NFT tokens. The developments had started at the end of last year, because the branding process had already started.

Walmart planned to start selling virtual goods, electronics, home decor and other items through Web3.0.

While India has a rigid view on cryptocurrencies and taxed crypto revenue at 30%, it is quite refreshing to witness the developments in the space especially when crypto seems to be still in a fairly young phase in the country.

Earlier this year, Japanese e-commerce giant Rakuten Group launched its own NFT Marketplace featuring digital collectibles from the sports and entertainment section.

Related literature | Retail giant Walmart ventures into the metaverse with its own crypto and NFTs

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