Flipkart, an Indian e-commerce company owned by Walmart, plans to enter the web3 industry with its new innovation arm Flipkart Labs, which was launched today.
Flipkart said the innovation unit plans to explore web 3.0 and metaverse commerce this year, including NFTs, virtual immersive stores and play-to-earn games.
“We are in the early days of a paradigm shift from Web 2.0 to Web3.0 and built on the concepts of decentralization, openness and greater user utility on the web/web. This development of the Internet will have a profound impact in many areas, including e-commerce,” Naren Ravula, VP and head of product strategy and deployment at Flipkart Labs, said in a statement.
Web 3.0 technologies have the potential to transform the e-commerce ecosystem in India and Flipkart plans to lead that change, Ravula said. For this, Flipkart is planning to work closely with other brands and merchants as well as startups manufacturing web 3.0 technologies.
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Walmart acquired a 77% stake in Flipkart for $16 billion in 2018 after more than 20 months of negotiations. The US retailer is also entering Metaverse with plans to create a collection of its digital currency and NFTs, and has recently filed several new trademarks in relation to virtual goods.
Earlier this year, Japanese e-commerce giant Rakuten Group launched its own NFT marketplace, offering digital collections associated with sports and entertainment.