Blockchain has opened up a vast magnitude of possibilities that will likely empower and connect the world in the time to come. We have seen some of its allure in its applications like cryptocurrencies, NFTs, metaverse and Web3. Indian e-commerce major Flipkart now seems to be thrilled by this potential and has opened up a dedicated division to explore blockchain-powered venues.
Named Flipkart Labs, the new in-house initiative to push for innovation will "evaluate, build, and learn" from the new-age technologies in the e-commerce ecosystem. Specifically, this will translate to a focus on Web3 and Metaverse commerce, at least for this year. Flipkart lists these focuses to be "NFT-related use cases, Virtual Immersive Stores, Play to Earn, and other use-cases related to Blockchain.
Basically, Flipkart aims to disrupt the e-commerce industry as we see it today, with the help of the new technologies that are fast gaining mainstream attention worldwide. In its blog making the announcement, the company says that Flipkart Labs will "redefine e-commerce" and "enhance the shopping experience" for its customers. It will do so by incubating ingenious ideas and then delivering breakthrough solutions to the industry at large.
As for the technicalities of its working, Flipkart Labs will operate out of Flipkart's headquarters in Bengaluru, India. It will be housed in the Product Strategy & Deployment (PSD) arm of the Flipkart Group and will work with talent building technology solutions in this space. It will also look at potential collaborations outside the company, with other brands, merchants, startups, and technologists.
Flipkart has a set agenda for the exploration of these blockchain technologies. From what can be deduced from its release, it does not wish to come up with the next hit NFT series, or a brand-new metaverse. Through Flipkart Labs, it wants to shape these technologies around its core business of e-commerce. This may then result in unique real-world applications, like virtual storefronts, for an immersive experience for shoppers.
To understand this better, one can imagine visiting a virtual world for shopping. Pick the items you like, while you check them out in a 3D look, and simply check out with those within the metaverse. Flipkart may then place the same order in the real world to your physical address. Other use-cases may make use of NFTs, Play to Earn, and other Blockchain-related possibilities.
In addition to this, Flipkart Labs will also conduct innovative research across areas like customer experience, logistics and supply chain. It will also augment Flipkart's existing efforts toward making 3D and augmented reality-based immersive shopping experiences through Flipkart Camera.
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