Flipkart has been reportedly gearing up to solidify its strategic partnership with Polygon, a blockchain company, looking to revolutionise vendors' online engagement on ecommerce platforms in India, according to a media report on Thursday.
Flipkart has been experimenting with this innovative offering of web3 and blockchain since last year. The test is being carried out at Flipkart Labs, exploring new use cases beyond metaverse and non-fungible tokens (NFT).
The report underlined that Flipkart lab carries a bunch of experiments around augmented reality, virtual shopping and similar tests around advanced technologies. The company’s initial experiment on converting rewards into NFTS has shown good results, so the company is now focused on scaling products over the next phase.
In the first round of the experiment, Flipkart tested around 20 brands across various categories like electronics, fashion, beauty and health care. Now, the company plans to test around 200 brands, the report added.
In a statement, Aishwary Gupta, Ecosystem Head of Business Development at Polygon Labs said, “We are looking forward to multiplying Flipkart’s 3.6 million user wallet which was created on the blockchain last year.”
Meanwhile, while betting on gamification Flipkart is offering users engagement through which brands create different forms of quests, allowing users to win NFTS. NFTS are rewards that can be redeemed in the form of discounts or some freebie at the time of online purchase. They can be traded between users as well.
Further, the report highlighted that Flipkart also intends to deepen its brand engagement with blockchain technology and is focused on utilising it for tracking promotional content and user purchase activity.
