Walmart appears to be venturing into the Metaverse with plans to create its own cryptocurrency and collection of NFTs
Walmart, the world’s largest retailer by revenue, looks to be preparing for a foray into the realm of cryptocurrency and non-fungible tokens (NFTs). According to trademark paperwork submitted with the US Patent and Trademark Office (USPTO) in December 2021, Walmart is also building the groundwork to launch its own cryptocurrency to compete with Bitcoin and Ether. This isn’t the first time we’ve heard rumblings from Walmart about the crypto market, but if things go as planned, we may see a massive increase in bitcoin usage in the retail sector.
Late this month, the big-box retailer filed numerous new trademarks indicating its intention to manufacture and sell virtual items, such as electronics, home décor, toys, sporting goods, and personal care products. In a second filing, the business stated that it will provide customers with both a virtual currency and NFT. Walmart filed the applications on December 30th, according to the US Patent and Trademark Office.
“Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” a Walmart spokesperson was quoted as saying in media reports. “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,” according to the company.
Despite many organizations’ intentions for the Metaverse, executives are unclear how to build a fully functional Metaverse. According to Morgan Stanley analysts, the Metaverse may be worth $8 trillion, but persuading customers to believe in it would be difficult. According to a Digital Commerce 360 study, Walmart’s online sales soared in 2021, reaching $11.1 billion in the third quarter, which might be beneficial to Walmart’s Metaverse objectives.