Indian company Flipkart, majority-owned by the world’s largest retailer Walmart, plans to enter the web3 industry with its new innovation division, Flipkart Labs.
Flipkart said that this year the innovation division plans to explore commerce in the web3 and meta-universe, including NFT, virtual immersive stores and Play-To-Earn games.
“We are in the early stages of a paradigm shift from Web 2.0 to Web 3.0 and this evolution of the Internet, based on the concepts of decentralization, openness and greater utility for users, is impacting many areas, including e-commerce,” said Naren Ravula, vice president of Flipkart Labs.
Flipkart also plans to team up with other brands and merchants, as well as startups developing web3 technology.
Walmart acquired 77% of Flipkart for $16 billion in 2018.