Bengaluru-based e-commerce giant Flipkart has launched an in-house innovation arm called ‘Flipkart Labs’ to explore ways to expand onto the Metaverse, according to a company statement Thursday.
Through the innovation arm, the Walmart-backed e-commerce marketplace will test non-fungible tokens, or NFTs, virtual immersive storefronts and play-to-earn.
Naren Ravula, VP and Head, Product Strategy and Deployment, Flipkart Labs, said, “One of the first areas of focus for Flipkart Labs is to collaborate with the Web 3.0 community and set the standard for commerce in the Metaverse.”
“Web 3.0, the next iteration of the internet, will have a profound impact across e-commerce solutions,” said Ravula, adding that it “leverages the best of latest technology like blockchain for real world use cases that can digitally transform businesses like ours”.
The e-commerce firm will look at innovating in areas like customer experience, logistics/supply chain, and accelerating digital commerce in the future.
The Innovation Labs will also include Flipkart Camera which was formed after the acquisition of AR/VR startup Scapic in November 2020.
Started in 2007, Flipkart caters to more than 400 million users. US-based retail giant Walmart bought a controlling stake in Flipkart for $16 billion back in 2018.
