Using blockchain and the Metaverse by large local e-commerce sites is encouraging for Indian consumers, who now have additional options for a digital buying experience.
The local e-commerce behemoth Flipkart (1) has allowed Indian consumers to test products from companies like Puma and Nivea in the gamified and interactive metaverse. This metaverse arena will allow users to discover products in a photorealistic virtual location and shop.
On October 17, Flipkart formally announced the introduction of its Flipverse, which seeks to give users the best of both online and offline purchasing experiences. To bring its clients closer to their favorite businesses, Flipverse allows users to build a metaverse avatar for shopping in the virtual world. This effort was launched in partnership with the Polygon-incubated firm eDAO.
In the virtual world, brands will be able to build and create digital twins that are prepared for the metaverse. The Flipverse will not only give users contests and exclusive brand deals, but it will also support one-of-a-kind digital collectibles. Brands including Puma, Noise, Nivea, Tokyo Talkies, Campus, Lavie, and many more will be featured on Flipverse.
The brand-new online retail platform, FireDrops (2) from Flipkart, will offer this novel buying experience. Naren Ravula, vice president of product strategy at Flipkart Labs (3), claimed that non-fungible tokens (NFTS), the metaverse, and blockchain technology all have a bright future and possible applications in e-commerce.
The introduction of the Flipverse (4), a digital marketplace where customers may browse merchandise in a photorealistic environment and make purchases using the Flipkart app. The app was later introduced and is now accessible to iOS and Android users.
Flipkart is open to exploring the rollout of Flipverse on a "full scale" following the initial test, which will launch in a week. The co-founder of Polygon, Sandeep Nailwal, added that e-commerce is one of the Metaverse's most important applications and that we have only just begun to scratch the surface of what is possible there.
One of India's biggest online shopping sites, Flipkart (5), is also renowned for making jokes about Bitcoin on social media. Last year, the firm announced on Twitter that it would start taking Bitcoin payments, but this turned out to be an April Fools' Day hoax.
Even so, Tech Mahindra, a multinational technology corporation based in India, announced the start of TechMVerse in February 2022, so Flipkart (6) is not the only business conducting its Metaverse trial. Additionally, it intends to provide interactive and immersive experiences for its clients. The company is also said to be working on 60 metaverse projects.