Walmart prepares for the Metaverse, plans its own cryptocurrency and NFT collection

  • Walmart said that it is exploring how new technologies are shaping up the shopping experience.
  • A number of big brands have recently jumped the NFT bandwagon after Facebook’s rebranding to Meta.

On Sunday, January 16, American retail giant Walmart announced its plans to enter the much-hyped world of Metaverse. As per CNBC, the retailer has filed for several new trademarks last month.

Walmart is also planning for its own native cryptocurrency as well as having a collection of non-fungible tokens (NFTs). One of Walmart’s possible trademark applications talks about “physical fitness training services” and “classes in the field of health and nutrition” happening completely in a VR/AR environment.

Besides, the retailer has also shown their intent to make and sell virtual goods. This includes home decorations, toys, electronics, sporting goods, and other personal care products.

As per the U.S. Patent and Trademark Office, Walmart submitted its application last month on December 30. Commenting on this development, Walmart noted that it is “continuously exploring how emerging technologies may shape future shopping experiences”. the company further added:

Walmart is continuously exploring how emerging technologies may shape future shopping experiences. We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.

However, Walmart has refrained from commenting on the specifics of any trademark filing.

Businesses have been rushing into the Metaverse

Ever since social media giant Facebook announced its rebranding to Meta, businesses have been rushing to take a slice of the Metaverse world. We have also seen the Ripple effect across the crypto projects wherein several Metaverse-related projects posted good rallies. Speaking on WallMart’s recent entry, a trademark attorney Josh Gerben said:

They’re super intense. There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.

Also, the buzz for Metaverse and NFTs isn’t limited to any particular sector. For e.g. footwear and apparel giant Nike announced a slew of applications in November 2021 for selling virtual branded sneakers and apparel. Furthermore, it also joined hands with Roblox for creating an online Metaverse world aka the Nikeland. Later in December, Nike purchased virtual sneaker company RTFKT.

Other brands in the similar industry like Gap, Adidas, and Under Armour have witnessed a solid response in selling their NFTs on the OpenSea marketplace.

CB Insights recently published their research into why big brands are jumping into NFTs. It noted that NFTs allow businesses to tokenize physical products while reducing online transaction costs. Furthermore, for luxury brands, NFTs can serve as a form of authentication for tangible and more expensive groups.

Related: Disney gets patent approval for theme park metaverse

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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