Indian Online Retailer Flipkart to Explore Metaverses and NFTs

Walmart-owned Indian marketplace Flipkart has created an innovation lab to explore commercial use cases for Web 3.0 technologies.

According to the statement, Flipkart Labs’ areas of interest include “Metaverses, NFTs, Virtual Stores, Games Play-to-Earn and other blockchain application scenarios.

Based on these technologies, the lab is to develop solutions ready for Walmart to test that can “take e-commerce to the next level.”

“We are in the early stages of a paradigm shift from Web 2.0 to Web 3.0, and this evolution of the web, based on the concepts of decentralization, openness and greater value for users, is impacting many areas, including e-commerce,” said Naren Rawula, vice president of Flipkart Labs. .

Flipkart Camera will join Flipkart Labs’ virtual and augmented reality division. The company created it after acquiring core startup Scapic in 2020.

Read Also: Former Head of Metaverse at JPMorgan Joins Apollo Global Management

The American retail giant bought a majority stake in Flipkart in 2018 for $16 billion, according to Bloomberg.

Recall that in January it became known that Walmart supposedly preparing to enter the space of the metaverses with their own NFT collections.