Flipkart Teams with Polygon to Scale Web3 Loyalty Programme FireDrops

With FireDrops, Flipkart is trying to give a new twist to its strategies to ramp up user engagements on its platform.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 December 2023 21:51 IST

Photo Credit: Reuters

Flipkart is marketing its Web3 loyalty programme as the 'future of rewards’

Highlights

Flipkart’s foray into Web3 happened earlier this year with FireDrops
Polygon will be providing its CDK-deployed Layer-2 chain to Flipkart
This blockchain will support Flipkart’s digital rewards

Flipkart is looking to dive deeper into its Web3 initiative FireDrops, and to do so, the ecommerce giant has partnered with the Polygon blockchain network. Using Polygon's CDK-deployed Layer 2 chain, Flipkart plans to boost its Web3 loyalty programme. Launched earlier this year, Flipkart wishes to expand its offerings portfolio from physical items to virtual assets as well. Originally, the ecommerce platform had chosen Polygon to launch its FireDrops initiative.

With FireDrops, Flipkart is trying to give a new twist to its strategies to ramp up user engagements on its platform. Several brands selling their products on Flipkart are incentivising brand loyalty through gamification, giving their users fresher experiences of being rewarded through virtual goodies rather than physical ones.

“Flipkart is tapping Polygon CDK to build an Ethereum-based zero knowledge (ZK) Layer 2 network dedicated to the service and ensure future growth. It gives Flipkart a number of customization options, including a fine-tuned onboarding experience, dedicated blockspace and low transaction fees for its users. 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,” Polygon Labs wrote in an official blog post.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Arun Phillips, the Chief Marketing Officer at Polygon, announced this development during the Polygon Connect India event this week.

Huge announcement: @Flipkart @0xFireDrops x @0xPolygonLabs CDK

Will be huge for adoption in India #PolygonConnect https://t.co/2OW9KUxpBr pic.twitter.com/SCxNQS2wG8
— arunphilips (@arunphilips) December 7, 2023

On the official website of FireDrops, Flipkart says that existing reward programmes feel ‘complex, boring, and broken'.

Since its launch earlier this year, FireDrops has managed to generate 3.3 million wallets holding at least one NFT that the users may have collected as part of a brand reward.

Binance Crypto Exchange Withdraws Abu Dhabi Licence Bid

From mystery boxes and special badges to discount benefits, early accesses, and freebies – the FireDrops reward programme also lets users earn from buying and selling rewards. This is what Flipkart is marketing as ‘the future of rewards'.

Internationally, several other brands are also taking an immersive, virtual approach to give their rewards programmes a Web3 twist and usher-in a new era of customer engagement. These brands include Starbucks, Lufthansa Airlines, and apparel brand Lacoste among others.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Polygon, Flipkart, Web3 Loyalty Programme

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More