Web3 Tracker

Is This the End of Points? Flipkart’s Loyalty Program Gets a Blockchain Makeover

Walmart-owned Flipkart, a popular e-commerce service provider in India, is embedding blockchain technology into its online platforms to upgrade the shopping transactions of its customer base. Polygon has the essence of aiming Flipkart beyond the metaverse and NFTs through virtual collaboration which has tokens that have digital identities.

FireDrops is the name of the initiative that is part of the global web3 approach of Flipkart. The major purpose is to increase user engagement, promotion, and high customer credibility. The organization is fine-tuning these novel ways like augmented reality and virtual shopping through Flipkart Labs, which is a test platform for the new revolutionary technology. They conducted the first exams of reward tokens that were converted to NFTs and these have been promising, giving them the green light to expand the platform.

The experiments were carried out in a preliminary stage and the initial participants were 20 brands that represented different categories. Now, Flipkart eyed to get around 200 brands along, the project was intended to reach a wider marketplace. Through gamification, users can do the shopping, finish quests distributed by brands, and get NFT rewards granted by the companies. Such awards may serve to become credits during online shopping or be accumulated, exchanged, or donated among other users.

It envisages joining forces with Polygon to bring about changed and interesting web3-related activities that will provide exclusive experiences for the brands and consumers. The FireDrops by Flipkart not only helps the company to strengthen its brand relationships but also measures conversion rates for online advertisements with purchasing effectively.

Alongside blockchain technology, the NFTs gained huge popularity very recently but not once did Flipkart stray away from the idea of the same. However, the leadership of Flipkart believes in other technologies such as AI and generative AI, blockchain remains a particularly acute focus.

Going into the future, if blockchain technology advances and bindingness increases, it may be integrated with digital payments and the broader metaverse world at large. On the other hand, it might take the central bank-backed digital currency (CBDC) some time to see the light of day. Therefore, we should be ready to be patient.

Ultimately, the fact that Flipkart‘s blockchain initiative reflects the company’s innovation-driven approach as well as its attempts to improve the e-commerce experience illustrates how far it is ready to go when it comes to technological cutting-edge. Polygon’s blockchain operations together with Flipkart’s partnerships with the leading tech vendors are designed to safeguard the company’s status as an innovative force in e-commerce.

Can Crypto Catch a Break in India? All Eyes on the Election Results

Crypto Catch a Break in India by web3 o'clock

While democracy is a powerful tool, its implications for the crypto industry need to be investigated as India takes to its national election. The crypto hadn’t been the point light of a political agenda as opposed to election manifestos.

The existing election was started earlier this month and will reach its conclusions by June 4, 2024, with the process spanning nearly three phases over this period. Even though crypto lovers could be hopeful that after the election, the crypto policies will be reviewed, expert economists do not forecast a change immediately in its aftermath. This means, that the existing restrictive regulations governing digital currency in India will probably the regulations by the government soon.

Mr. Narendra Modi, Prime Minister of India, formerly holding the election post for two terms, is expected to retain the position after a survey among supporters and political analysts. The mandate of the Modi government has resulted in the formation of party alliances headed by rival parties which are not able to pose any substantial threat to him however.

As cryptocurrency remains a non-topical issue during elections, a political process occurs between candidates who lean toward traditional finance, depending on their views. Social and political affairs make the core theme of the publication hence, other emerging aspects like digital currencies or blockchain technology are given little attention. Unfortunately, despite its absence of excessive regulations, there is still hope within the crypto industry towards close cooperation with the government to deal with the challenges it faces and to protect the citizenry.

Politicians’ failure to include cryptocurrency-related ideas in their election manifestos doesn’t necessarily mean that cryptocurrency will not be taken seriously by them. Besides the BJP and INC are eluding any direct reference to cryptocurrencies only. They both keep using very general themes like digital infrastructure and cybersecurity.

Cryptocurrencies’ governance under Modi is characterized by tightening up the rules and regulations such as high rates of tax and the requirement of registration of cryptocurrency exchanges. Although recent steps, involving the prohibition of offshore exchanges, may comfort traders, regulatory obscurity is still a stumbling block.

Primarily through the direct effect across products’ cost base and indirect effects on associated consumer power, the exchange rate is the main contributor to fluctuations in trade. The government is highly likely to keep adopting a lukewarm approach toward cryptocurrencies. Besides, the highest attention and compliance with policies will be given to other emerging technologies, especially artificial intelligence.

Nevertheless, the forthcoming changes of the next five years can demonstrate remarkable progress in India. Thanks to the Indian presidency of Group of 20 (G20) in 2023, the IT government took the driver’s seat in framing international crypto regime policy. Furthermore, the release of the digital rupee and constant crypto regulations, place India on the crypto world map.

In short, during this national election, there may not be any such changes in laws on crypto and policies, but India’s changing regulatory culture and its desire to become a global leader forecast the transformational voyage for the crypto ecosystem in the country.

Bitcoin for Business? Square Makes It Easy for Merchants to Invest

Square, a part of Block, has launched a function for its merchants to cash in their daily sales in Bitcoin using the latter’s Cash App platform. The twist was brought forward by Block’s founder, Jack Dorsey, in his address that the merchants will now be afforded the facility of transferring a proportion of their Square-generated cash flows to Bitcoin, between 1% and 10%.

The upcoming feature was revealed immediately after the announcement of Block’s 3nm mining chip. Jack Dorsey highlighted this bitcoin-centric development on X, stating, “Square sellers: “automatically-convert a percent of your daily sales into bitcoin”. The feature, which was just launched in the U.S., allows Square sellers to transfer 1-10% of their daily sales into their personal Cash App accounts where the amount gets stored in bitcoins, at that time.

Squares’ Bitcoin product lead, Michael Rihani, gave an exciting speech about the implementation of the Bitcoin conversion. He said the sellers on Squares’ platform would now be able to convert a certain portion of their daily sales into Bitcoin using the Cash App. Nevertheless, a 1% fee is applicable as a processing charge by Square for every transaction converted.

The financial tool known as Cash App, which made $14.3 billion in revenue during 2023 registered a large increment in its usage. By making this announcement Block has followed up on earlier disclosure about its bitcoin mining rig with its chip technology, changing from a 5-nanometer to a 3-nanometer semiconductor process.

Overall, this feature is a major step in bridging the gap between bitcoin and the traditional market, hence Square merchants can go to the cryptocurrency market with ease and comfort.