There’s been a growing trend of major institutions embracing Web3 for their operations.
Crypto experts believe that this interaction between mainstream institutions and Web3 platforms is a boost for the overall growth of the crypto industry.
Flipkart Leverages Polygon to Boost Its Loyalty Platform
Flipkart is the largest e-commerce and one of the largest payment companies in India has been at the forefront of advancing collaboration between mainstream companies and Web3 platforms.
Flipkart is adopting a Polygon CDK-deployed Layer 2 chain to scale their web3 loyalty program, @0xFireDrops.
Since its launch in September, FireDrops has amassed 3.3m+ active wallets –no small feat.
— Polygon (Labs) (@0xPolygonLabs) December 7, 2023
The company recently announced plans to launch an ecosystem chain leveraging Polygon’s Chain Development Kit (CDK). The move is part of its plans to boost FireDrops, its Web3 loyalty program. The announcement was made at Polygon Connect India.
Polygon added that “future upgrades to Polygon CDK will also allow for enhanced privacy for transaction data, the ability to run the chain without a token or to use a central bank digital currency, and access to liquidity in the greater Polygon and Ethereum ecosystems.”
More About the Flipkart – Polygon Partnership
The e-commerce giant will leverage Polygon CDK to provide its customers with various customization choices. This includes a simplified onboarding process, dedicated blockspace, and cheap transaction costs.
Flipkart intends to use these and future updates to improve FireDrops 2.0, their NFT-based incentive platform. FireDrops 2.0 seeks to revolutionize customer relations with brands. It provides millions of Flipkart customers with satisfying experiences that gamify brand loyalty.
It's a significant victory for the entire ecosystem 🤝
— MeAI (@meai_app) December 8, 2023
FireDrops plans to enable customers with a history of using a brand to unlock more incentives and receive early access to in-demand products. The idea is to create more engaging ways for customers to earn rewards from their preferred brands.
FireDrops launched in September. And seems to have recorded impressive success. The team claims to have attracted over 3.3 million wallets with at least one non-fungible token (NFT). It also capitalizes on the achievements of prior pilot programs in which users acquired NFTs and membership passes through interactive engagements.
In addition, FireDrops strategically endeavors to improve the adoption of Web3 in India. So, the partnership with Polygon will help fortify user engagement and loyalty programs within the Indian e-commerce sector.
Polygon CDK has a reputation for helping projects easily launch ZK L2s on Ethereum. Noteworthy projects like OKX and Astar have already harnessed the user-friendly capabilities of CDK for developing ZK Layer 2 solutions on Ethereum. So, Flipkart’s decision to leverage this tool mirrors its ambition to improve the e-commerce space in India.