Flipkart, one of India’s leading e-commerce marketplaces, has announced a strategic partnership with Ethereum layer 2 scaling protocol, Polygon.
The partnership will result in the setting up of a Blockchain-eCommerce Centre of Excellence (CoE) that will work on research and development of Web3 and metaverse commerce use-cases in India to accelerate the adoption of Web3.
This partnership comes amidst Flipkart’s many excursions in Web3 in recent times. Earlier this year, Flipkart announced Flipkart Labs, the innovation wing, to incubate various solutions to bring innovation to the e-commerce scene in India. With Labs, Flipkart ventured into Web3 and Metaverse commerce to explore NFTs, Virtual Immersive stores, and other Blockchain-related use cases.
Since then, Flipkart has launched FireDrops, an easy-to-use NFT platform for brands to explore new horizons of community building and pivot the value of NFTs around utilities.
During the festive sale, Flipkart also partnered with eDAO to launch a virtual shopping experience in the metaverse – called Flipverse. Flipverse enabled brands to organize unique product launches and create engaging experiences for users within a hyper-realistic, game-like environment.
Commenting on the partnership, Naren Ravula, VP, Head of Product Strategy at Flipkart and Head of Flipkart Labs, said, “Our partnership with Polygon exhibits our technology-driven mindset with an endeavor to transform the shopping experiences for millions of users and redefine the future of commerce, consumption, and value creation. The partnership brings expertise from the world of e-commerce and Blockchain and lays the foundation for innovation at a protocol, platform, and product level for decentralized e-commerce in India, especially through brand collaborations and initiatives like 3D storefronts, novel NFT drop mechanisms, trustless standards for commerce, on-chain loyalty, and play-to-earn experiences. We look forward to continuing our work with Polygon and adding value to the e-commerce ecosystem by creating opportunities for innovative interactions with customers.”
“Polygon is the go-to blockchain for the world’s biggest companies entering Web3. Our mission is to bring the next billion users to Web3, so we are excited to partner with Flipkart to create the Blockchain-eCommerce Centre of Excellence,” added Sandeep Nailwal, co-founder of Polygon on the partnership move.
MATIC surging as Polygon ecosystem expands
Flipkart is only one of the major partnerships that Polygon has entered into in this year. The Polygon ecosystem has also brands including Starbucks, Instagram, and Reddit come on board, driving adoption through the roof, according to Crypto News Flash.
The ecosystem expansion has seen the price of MATIC, the protocol’s native token, trading with less volatility than most other tokens in the crypto market. MATIC is trading at around $0.92, up 0.17% in the last 24 hours at the time of writing.
This current price is a 6.74% appreciation in the two weeks time frame. Market participants are however of the opinion that MATIC is undervalued and being repressed from breaking to new highs by the market contagion caused by the FTX collapse.