American retail chain Walmart is preparing to enter the metaverse by creating its own NFT collections and cryptocurrency. This information is based on several trademarks filed by the retail giant with the United States Patent and Trademark Office.
In late December, the retail chain filed several trademark applications with the United States Patent and Trademark Office for operations related to the metaverse, cryptocurrency, and NFTs. The filings note that Walmart is looking into selling virtual goods, providing a cryptocurrency, and offering NFTs.
Another separate filing mentions blockchain and digital assets to be used by the company, hinting towards NFTs. All of these applications were filed by Walmart on December 30. According to the CNBC report, Walmart has filed seven different applications detailing separate plans for NFTs, digital tokens, and other metaverse elements.
Walmart is the latest retailer to being its own blockchain and metaverse planning. Experts are saying that many major retailers have suffered due to being late into the global e-commerce scene. Metaverse, NFT, and crypto seem to be the next big innovation that will define the retail industry for future generations. So, there is an existent FOMO among these retailers, as they don’t want to miss out on the next big trend.
Walmart has been known to look into expanding its crypto business to match the times. It is currently possible that the chain is simply preemptively filing trademarks so that it is not left out if the metaverse, cryptocurrency, and NFTs continue to encroach on everyday life.
According to a statement from Walmart, the firm is “continuously exploring how emerging technologies may shape future shopping experiences.”
Josh Gerben, a trademark attorney, stated that there is a lot of planning going on behind the scenes about how the firm is going to address cryptocurrency and the metaverse. For example, Walmart started hosting Bitcoin ATMs at some of its stores in the United States in October 2021.
This move also comes after the controversial fake press release that entered into circulation in September, suggesting that Walmart had planned to accept Litecoin, sending the altcoin price soaring. The retail giant revealed later on that the announcement was false.
According to a recent survey published by Morning Consult, Walmart clients are more likely to hold the leading cryptocurrency compared to the average citizen in the United States.
According to Gerben, since Facebook changed its name to Meta, businesses have been racing to figure out how they can fit into a virtual world. For example, NFTs have allowed businesses to tokenize physical products and services, which can also form authentication for goods.
Walmart isn’t the only major retailer planning to expand into the metaverse. Recently, popular clothing retailer GAP launched its own NFT collections. Recently, Nike also filed several trademark applications showing plans to introduce virtually branded sneakers.
The company has also announced plans to develop its own virtual space called ‘NIKELAND.’ It’s a virtual platform where Nike fans can connect, interact, compete, and share unique experiences.