As part of this collaboration, Flipkart has partnered with Polygon Labs and Hang, a next-generation loyalty platform, to introduce a specialised loyalty program called FireDrops 2.0.
GLOFlipkart, a prominent player in the Indian digital commerce industry, has joined forces with Polygon, a leading crypto firm focused on building infrastructure for Web3 products. Together, they have established the Blockchain-eCommerce Centre of Excellence, a research and development hub aimed at exploring the emerging landscape of Web3 and the metaverse, shaping the future of digital commerce.
As part of this collaboration, Flipkart has partnered with Polygon Labs and Hang, a next-generation loyalty platform, to introduce a specialized loyalty program called FireDrops 2.0. This program, powered by Hang’s loyalty platform, utilizes non-fungible token (NFT) technology to gamify customer engagement and loyalty for millions of Flipkart users. The integration of Web3 and NFTs into brand loyalty programs is expected to revolutionize brand marketing, storytelling, and customer engagement.
The inclusion of NFTs in the FireDrops program enables easy ownership and redemption of rewards, creating new revenue streams for brands and actively involving customers in the loyalty ecosystem. The program also envisions a dynamic marketplace where users can buy and sell rewards, bringing flexibility to loyalty programs and enhancing brand engagement.
FireDrops 2.0 aims to provide an immersive experience for users, offering surprises, games, and rewards related to their favorite brands. Through these interactions, users can earn benefits like membership passes and lifetime discounts, fostering deeper connections between users and brands.
This partnership underscores Flipkart’s commitment to innovation and expanding its technological offerings to enhance the online shopping experience for millions of customers worldwide. By venturing into the Web3 arena, Flipkart aims to reshape the landscape of commerce, consumption, and value generation in the digital world.
Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart, expressed his excitement about the collaboration, emphasizing Flipkart’s dedication to leveraging technology to introduce new products and services and push the boundaries of innovation.
Previously, Flipkart embarked on its metaverse journey through eDAO, a project nurtured by Polygon. Known as “Flipverse,” this venture has played a pivotal role in redefining the relationship between brands and consumers, offering interactive experiences through NFTs. Additionally, Flipkart’s FireDrops platform facilitates the exploration of the multi-dimensional value of NFTs for creators, brands, and consumers.
Polygon has already attracted prominent brands like Adidas, Adobe, Robinhood, and Stripe as they enter the Web3 space. Flipkart’s alignment with this flourishing ecosystem demonstrates its forward-thinking approach to harnessing the potential of blockchain technology. Polygon’s recent developments, particularly the zkEVM scaling solution, will be instrumental in accommodating the growing number of global users in the next phase of Web3.
Sandeep Nailwal, co-founder of Polygon, expressed enthusiasm about the partnership, highlighting Polygon’s role as a bridge to Web3 for major corporations. Nailwal sees the collaboration as an exciting opportunity to guide the next billion users into Web3, while also recognizing the abundance of blockchain talent in India, which positions the partnership to stimulate research and development and strengthen India’s position as a Web3 leader.
It’s worth noting that Polygon recently launched its Version 2.0 amidst regulatory challenges, as the SEC has raised concerns about the classification of $MATIC as a security. Nevertheless, Polygon continues to expand its efforts in privacy and has introduced a zero-knowledge identity infrastructure program for Web3 with PolygonID.
