Walmart is planning to introduce its own cryptocurrency and NFTs, as a venture into the metaverse

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Metaverse is a synthesis of numerous technological aspects, like virtual reality, augmented reality, and video, in which users “live” in a digital realm. The metaverse’s proponents foresee its users working, playing, and remaining connected with one another via anything from concerts and seminars to virtual globe travel.

With patent applications showing that it aims to build on its cryptocurrency and NFT collection, it looks that retail behemoth Walmart Inc. is preparing to enter the Metaverse.

On December 30, the multinational retailer registered many new trademarks with the United States Patent and Trademark Office, but they went unreported until a CNBC article on January 16 shed additional light on Walmart’s plans. Walmart submitted seven patent applications at the time, three of which were filed under its present advertising business, “Walmart Connect.”

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Walmart intends to sell virtual items

According to Walmart’s new trademark registrations, the company plans to manufacture and sell virtual goods such as electronics, home decor, toys, and hygiene products. There’s also talk of “digital money” and a “digital token,” as well as buying and selling NFTs. The retail company lodged the application on December 30, according to the US Patent and Trademark Office.

Meanwhile, a separate application hints at ambitions to trademark the Walmart brand logo in VR and augmented reality (AR), with the prospect of launching “physical fitness training services” in VR and AR.

This decision also follows the infamous bogus press release that circulated in September, claiming that Walmart was planning to take Litecoin, causing the altcoin price to skyrocket. Later, the retail behemoth admitted that the claim was fake.

Walmart has teamed with Coinstar, a crypto ATM firm, and Coinme, a crypto-cash exchange, to deploy 200 Bitcoin ATMs inside its shops throughout the United States in October. Walmart has also been using blockchain technology since 2018 for logistics, customer markets, and smart products.

According to Morgan Stanley’s analysts, the Metaverse might provide retailers with an $8 trillion chance. Walmart’s revenue in the third quarter in 2021 hit $11.1 billion. With a market valuation of over $406 billion, Walmart is the top corporate employer in the United States. It is the owner and operator of a chain of hypermarkets, department stores, and grocery stores.

Customers of Walmart are more likely than the typical citizen in the United States to own Bitcoin, according to a new survey released by Morning Consult.

In Gerben’s opinion, when Facebook rebranded to Meta, companies have been frantically trying to sort out how they might integrate themselves into a virtual environment. Businesses have been able to tokenize tangible goods and services, which may also be used as a form of verification for commodities thanks to the invention of NFTs.

Earlier this month, Nike submitted a string of trademark applications, and the athletic wear company has teamed with the video game developer Roblox to build a virtual environment dubbed Nikeland.

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Willie Lee

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