Walmart, the largest retail supermarket in the world, is preparing to enter the metaverse.
CNBC reported that the corporation is planning to create its own cryptocurrency as well as Non-Fungible Tokens (NFT) collection.
According to the report, the retail giant has filed trademarks late last month indicating its intention to sell and make virtual goods. The company also filed a separate document stating that it will offer virtual currency and NFTs to its customers.
Walmart stated in a statement that it was ” constantly exploring how emerging technologies might shape future shopping experiences.” The firm declined to comment on specific trademark filings.
What You Need to Know
- Walmart filed seven patent applications in total at that time, three of which were under its existing advertising division “Walmart Connect”, on December 30th 2021.
- Plans to sell and create “virtual goods” included in the applications. This includes electronics, toys and appliances as well as home decor and apparel. The applications also include mentions of a digital currency and token, as well as opportunities to purchase and sell NFTs.
- A separate application is available that suggests the trademarking of the Walmart brand name in VR and AR. It also offers the possibility to introduce fitness training services in VR and AR.
- This is the latest in a series of events that have indicated Walmart’s interest the Metaverse. The retail giant posted a job listing in August for a ” crypto currency and crypto product leader” to help drive digital currency strategy. Although the job posting has been removed, it is not clear if the position was filled.
Josh Gerben, a trademark lawyer, stated that they are “super intense.” These documents contain a lot more language than usual, which indicates that they are planning to address cryptocurrency and how to deal with the metaverse em>
Traditional organizations are in a race to be found in the virtual world
Many organizations have been racing to figure out how to position themselves in order to provide value to their clients, in the virtual world, since Facebook’s name change. This will ensure that they don’t get left behind in the whirlwind of innovation and trends. Gerben shares the same sentiment, saying that businesses are racing to figure out how they fit in a virtual world.
Walmart isn’t the only one to file patents regarding cryptocurrency and NFTs. Nike, a well-known sneaker manufacturer, filed several trademark applications in November 2021. These applications previewed its plans for selling virtual sneakers and apparel.
Later in the month, the company teamed up again with Roblox to create an internet world called Nikeland. It also purchased RTFKT, a virtual sneaker company (pronounced “artefact”), for an undisclosed sum.
Gap, a clothing and accessory retailer, has started selling NFTs for its iconic logo sweatshirts. According to Gap, the NFTs will retail at tiers starting from $8.30 to $415 and come with a physical sweatshirt.
Gerben said that other companies such as Urban Outfitters and Ralph Lauren have filed trademarks in recent week detailing their intention to open a virtual store.
Both Adidas and Under Armour have launched their NFTs, and they were quickly sold out. These NFTs are now selling for record-breaking prices on OpenSea’s NFT marketplace.
Gerben stated that more people will become familiar with the blockchain and the items it holds, which will lead to more retailers wanting to build their own ecosystem.
Walmart trades at $145.06 on the New York Stock Exchange in the last trading session. This is marginally lower by 0.28%.