Retail giant Walmart is the latest to jump into the bandwagon of mainstream entities that are increasingly making a beeline to the metaverse and NFT sector. According to CNBC, the US-based multinational firm is reportedly embarking onto the metaverse realm with plans to create its own cryptocurrency and collection of non-fungible tokens or NFTs.
As it turns out, the big-box retailer filed several new trademarks back in late 2021 that reflect its interest to create and sell digital goods, including a host of products ranging from electronics, home decorations, toys, sporting goods, and personal care products. In a separate filing, Walmart revealed that it would offer users digital currency, as well as NFTs.
As per data obtained from U.S. Patent and Trademark Office, Walmart filed the applications on December 30, 2021. Altogether, seven separate applications have been submitted. Without specifying any details on the patents filings, Walmart in a statement stated,
We are 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.
Josh Gerben, a leading Washington-based trademark attorney believes that there’s a lot of planning going on behind the scenes about how Walmart addresses cryptocurrency, the metaverse, and the digital world in general. In addition to that, few businesses such as fashion powerhouses Burberry and Louis Vuitton, are too jumping into the NFT and gaming world to promote their brands.
Walmart’s entry – Better late than never
Walmart previously on September 2021 grabbed headlines after a press release announcing the partnership between the firm and Litecoin turned out to be fake. A month later, Walmart started a pilot program allowing shoppers to buy Bitcoin at Coinstar kiosks in its stores on October 21, last year.
Few other retailers such as Starbucks, Newegg, Whole Foods, Nordstrom, Home Depot, and GameStop have opened up its door by accepting crypto payments. Apart from Walmart, major e-commerce marketplace Amazon is believed to launch its own crypto token in 2022 and is reportedly setting up a blockchain for the rumored launch. However, at the time of writing, there isn’t an official confirmation regarding the same.