Bengaluru-based e-commerce giant Flipkart has launched an in-house innovation arm called ‘Flipkart Labs’ to explore ways to expand on the metaverse, according to a company statement on 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 & 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 version of the Internet, will have a profound impact on e-commerce solutions,” Ravula said. ,
The e-commerce firm will look to innovate in areas such as customer experience, logistics/supply chain, and accelerating digital commerce in the future.
Innovation Labs will also include the Flipkart camera that was created after the acquisition of AR/VR startup Scapic in November 2020.
Launched in 2007, Flipkart caters to over 400 million users. US-based retail giant Walmart bought a controlling stake in Flipkart for $16 billion in 2018.