- Ethereum layer 2 scaling protocol Polygon enters partnership with Walmart-associated Indian e-commerce market Flipkart
- Polygon’s a number of current partnerships has been boosting the worth of MATIC
Flipkart, considered one of India’s main e-commerce marketplaces, has introduced a strategic partnership with Ethereum layer 2 scaling protocol, Polygon.
Flipkart, which is 77% owned by U.S. e-commerce giant Walmart, mentioned in a press release that the partnership will outcome within the organising of a Blockchain-eCommerce Centre of Excellence (CoE). The CoE will work on analysis and improvement of Web3 and metaverse commerce use-cases in India to speed up the adoption of Web3, the discharge famous.
Commenting on the partnership, Jeyandran Venugopal, Chief Product and Expertise Officer at Flipkart, acknowledged that the partnership with Polygon is in protecting with the corporate’s core give attention to innovation.
“Innovation is likely one of the most important pillars for Flipkart and now we have constantly labored in the direction of expertise options to scale new frontiers and introduce new merchandise and providers,” he mentioned.
He added that with the CoE, Flipkart hopes to leverage on the experience and technical know-how of Polygon to onboard extra customers to commerce within the metaverse.
For his half, Sandeep Nailwal, co-founder of the Polygon, famous that Polygon sees the blockchain e-commerce middle of excellence as an engine for ecommerce to realize traction in Internet 3 and the metaverse in years to come back.
The partnership with India-originated protocol will not be Flipkart’s first play at Web3 expertise adoption. Earlier this yr, the corporate introduced its innovation wing Flipkart Labs with which it has to this point ventured into Web3 and metaverse commerce to discover non-fungible tokens (NFTs), Digital Immersive shops, and different blockchain-related use instances.
The e-commerce firm has additionally launched an easy-to-use NFT platform known as FireDrops, in addition to partnered with eDAO to launch Flipverse, a digital buying expertise within the metaverse that has already been utilized by prospects through the festive season.
MATIC surging as Polygon ecosystem expands
Flipkart is simply one of many main partnerships that Polygon has entered into on this yr. The Polygon ecosystem has additionally manufacturers together with Starbucks, Instagram, and Reddit come on board, driving adoption by way of the roof.
The ecosystem growth has seen the worth of MATIC, the protocol’s native token, buying and selling with much less volatility than most different tokens within the crypto market. MATIC is buying and selling at round $0.92, up 0.17% within the final 24 hours on the time of writing.
This present value is a 6.74% appreciation within the two weeks time-frame. Market members are nonetheless of the opinion that MATIC is undervalued and being repressed from breaking to new highs by the market contagion brought on by the FTX collapse.
