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Indian e-commerce giant Flipkart launches innovation lab for Web3 exploration

29 Apr 2022 : 08:40
2 min read
  • Flipkart launches Flipkart Labs to explore Web3 and Metaverse.
  • Flipkart Labs is an in-house innovation capability to redefine the e-commerce ecosystem.
  • It is looking for collaborative opportunities with brands, merchants, startups, and technologists.

Indian e-commerce marketplace Flipkart has announced the launch of Flipkart Labs under its plans to explore the use cases of advanced technologies like Web3 and metaverse.

Flipkart aims to redefine the e-commerce ecosystem

Flipkart, which has a registered customer base of over 400 million, said in the press release that it includes NFTs, virtual storefronts, play-to-earn, and other blockchain technologies as the key areas to focus on. 

Flipkart Labs is an in-house innovation capability to “evaluate, build, and learn from initiatives that redefine the e-commerce ecosystem.” It will also serve as a research vehicle for accelerating digital commerce and building solutions for logistics and supply chain challenges. The e-commerce giant has also revealed that it is looking for collaborative opportunities with brands, merchants, startups, and technologists with similar motives.

The company’s involvement in the technological world is visible through its 2020 acquired AR/VR startup Scaptic. Since then, it has deployed several 3D and augmented reality-powered shopping experiences.

The vice-president and head of product strategy and deployment at Flipkart, Naren Ravula, believes that the world is in the early days of the gradual shifting from Web2 to Web3. He said that this evolution of the internet built on advanced concepts like “decentralization, openness, and greater user utility, will have a profound impact across many areas including e-commerce.”

“We are committed to the growth of the e-commerce ecosystem in India, and Web 3.0 leverages the best of latest technology like blockchain for real-world use cases that can digitally transform businesses like ours.”

Rivals are working fast

Amazon, the biggest competitor of Flipkart in India, is also exploring blockchain technology to include crypto in its payment options. However, as Cryptonary reported, the CEO of the e-commerce giant said that it is not in a hurry to add crypto as payment on the platform. In February, e-commerce company eBay also hinted at its plans to add a crypto payment option for its users.

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Anisha Pandey

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A writer, an artist, an engineer, and a girl with a colorful mind, Anisha believes in achieving results smartly and diligently. She is a previous journalist at Cryptonary.

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