• Mon. Dec 4th ,2023

Flipkart unveils Labs to use NFTs, Web3 for ecommerce innovations

By   Gulshan Talreja

Date: Apr 30, 2022

Flipkart, an e-commerce corporation based in India, has recently stated that it is launching Flipkart Labs, its new division that will focus on building and creating technology-based solutions for enhancing the overall e-commerce and online shopping experience.

Flipkart Labs will be located in Bengaluru and will back in-house innovation with the help of emerging technologies, inspiring ideas, and providing "breakthrough solutions", said the company.

Labs will advocate Flipkart and its companies to test new Metaverse and Web3 use-cases with real-world applications, including Virtual Immersive Storefronts, Play to Earn, and NFT-related use-cases, along with other use-cases related to Blockchain.

As the firm continues to grow and experiment, it plans to operate at the connection of business and technology to make innovation relevant and real for customers, said Chief Product and Technology Officer at Flipkart, Jeyandran Venugopal.

With this innovation, Flipkart is looking forward to solidifying its in-house innovation efficacies by figuring out an entrepreneurial team and is seeking curious and bright minds that could join the firm to revolutionize the way India shops.

While commenting on the new move, Naren Ravula, VP and Head of Product Strategy and Deployment at Flipkart Labs, said that Web 3.0 is slated to play an important role in the digital acceleration of India.

Additionally, Web 3.0 utilizes the best of the newest technology like Blockchain for real-world use cases, which can help to transform businesses digitally. Some use cases, including NFT-related, immersive commerce use-cases, and more, are promising, stated Ravula.

Credible sources claim that Flipkart Labs will be held in the Product Strategy & Deployment (PSD) division of the Flipkart Group and will be working with talent-building solutions in this ecosystem.

The firm will also be looking forward to potential collaborations beyond organizations with merchants, startups, brands, and technologies.

Source Credit - https://www.business-standard.com/article/companies/flipkart-unveils-lab-to-tap-web3-metaverse-for-e-commerce-innovations-122042801378_1.html

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