Flipkart announced a metaverse-based shopping platform called Flipverse in partnership with decentralized music and entertainment company eDAO. The platform will be in an early adoption phase and will only be available to Android users for a week, the e-commerce giant said. The first phase will involve 15 brands, including the Puma clothing brand, the cosmetics and personal care brand Nivea and the local electronics brand Noise.
Flipverse is part of Flipkart Labs, which was unveiled in April to create “blockchain and metaverse use cases,” an example of which included virtual storefronts such as the Flipverse platform announced today.
Flipkart further said that the company does not currently plan to offer features such as the ability to connect cryptocurrency wallets to the platform to migrate their NFTs. Flipverse will also not be presenting their token at this time. However, Flipkart said that users who shop on the platform will earn NFT rewards, which can be monetized for physical items.
– Advertising –
Users of the platform will also receive virtual avatars, and a future version of the platform will also include collaborative shopping experiences, where users can interact with each other’s virtual avatars while shopping.
For now, industry experts say Metaverse’s ecommerce offerings would be largely educational and promotional. Sanjay Kothari, associate partner and market research firm Redseer, said, “There may not be immediate feedback from the metaverse experiences. But, with less user attention, brands are definitely trying to create more engaging experiences for shoppers. “
Kothari added that since the experiments are in an early stage, most of the user engagement will be driven by mature users in Tier I markets such as Flipkart, because even if a small percentage of a platform’s user base tries it, it will lead to a constructive pilot experience for such projects, ”he added.
As a result, Kothari said brands may consider adopting such experiences with increasing frequency in the future as ecommerce platforms seek to increase user engagement and news outreach activities.
The move marks the latest advancement in metaverse e-commerce experiences in India, a nascent space at the moment. On June 10, Gurugram, NFTically, developer of the Haryana-based Non-Fungible Token Market (NFT), launched its own e-commerce marketplace, Comearth, to allow brands to create their own storefronts. At launch, Toshendra Sharma, chief executive of NFTically, told Mint that brands including automotive components brand Ceat Limited, multi-brand footwear retailer Metro Brands and textile conglomerate Mafatlal Industries had signed agreements to be part of the metaverse space. .
Globally, platforms such as Decentraland, Roblox and The Sandbox have offered brands virtual and playful spaces to create their own bespoke stores and outlets, as part of their promotional efforts. In December last year, German fashion brand Adidas announced its NFT “Into The Metaverse” collection on The Sandbox, a decentralized metaverse platform. In May last year, the Italian luxury fashion brand Gucci also announced its own metaverse store in Roblox.
In India, local metaverse platform Partynite partnered with pharmaceutical brand Eno and telecom operator Bharti Airtel to deliver metaverse events and cinematic experiences.