Flipkart Forays into the NFTs Arena with Nothing’s New Collection

Flipkart Forays into the NFTs Arena with Nothing’s New Collection

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Indian eCommerce giant Flipkart is venturing into the non-fungible tokens (NFTs) arena with the launch of the Nothing Phone 1 in India. The company will enable smartphone buyers to acquire Nothing’s limited edition NFTs through its Android and iOS shopping apps.

Nothing is a UK-based consumer electronics company that launched its first smartphone, Nothing Phone 1, earlier this week. The company has released an NFT collection called ‘Nothing Community Dots,’ hosted on the Polygon blockchain, to create hype for the smartphone launch. The eventual NFT holders will get early access to the company’s new products, events, gifts, and rewards.

Flipkart stated that the customers who have pre-booked and subsequently purchased the new Nothing Phone 1 could redeem their NFTs through the Firedrops feature within the Flipkart mobile app.

Firedrops is a crucial milestone for the company, marking its entrance into the Web3 and NFT ecosystem. The feature will debut on the app on July 22.

“We are delighted to join hands with Nothing to bring our customers into the Web3 playground with the very first NFT drop at Flipkart FireDrops, hosted on Polygon’s blockchain,” said Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart.

Nothing’s NFTs is also the first-of-its-kind NFT collection introduced by any smartphone brand.

Flipkart’s parent Walmart is also looking to venture into NFTs and explore opportunities within the metaverse. Walmart filed several trademark applications with the US Patent and Trademark Office last December detailing its plans to sell virtual goods, NFTs, and deal in digital currencies.

Several global retail brands have already forayed into the space and made millions selling virtual products and NFTs to their customers and Web3 investors. As reported by DappRadar, the NFT collections of three brands – Adidas, Nike, and Gucci, have brought in over $137.5 million in sales in just three months.

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