Bengaluru-based e-commerce giant Flipkart has launched an in-house innovation arm called “Flipkart Labs” to explore ways to grow on the metaverse, according to a statement from the company on Thursday.
Through the innovation arm, the Walmart-backed e-commerce marketplace will test non-fungible tokens, or NFTs, virtual immersive storefronts, and games to win.
Naren Ravula, Vice President and Head of Product Strategy and Deployment at Flipkart Labs, said, “One of Flipkart Labs’ primary areas of focus is collaborating with the Web 3.0 community and setting the standard. for trade in the metaverse.”
“Web 3.0, the next iteration of the internet, will have a profound impact on e-commerce solutions,” Ravula said, adding that it “harnesses the best of the latest technologies like blockchain for real-world use cases that can digitally transform businesses like ours.”
The e-commerce company will look to innovate in areas such as 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.
Launched in 2007, Flipkart caters to over 400 million users. US retail giant Walmart bought a majority stake in Flipkart for $16 billion in 2018.