Walmart appears to be positioning itself for a venture into the world of crypto and non-fungible tokens (NFTs). The company is also laying the groundwork to establish its own cryptocurrency and collection of NFTs.
According to the US Patent and Trademark Office, Walmart submitted seven separate applications relating to the metaverse technology and crypto-ecosystem. The application indicates its intent to make and sell virtual goods, including electronics, toys, sporting goods, home decorations, and personal care products. The company said it would offer users NFTs and virtual currency in a separate filing.
Josh Gerben, a trademark lawyer, told CNBC, “They’re [the filing applications] super intense. There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”
Although Walmart declined to comment on the specific trademark filing, they expressed their interest in exploring emerging technologies. The company told CNBC; we are “continuously exploring how emerging technologies may shape future shopping experiences.” They continued,” We are testing new ideas all the time, and some ideas become products or services that make it to customers. And some we test, iterate, and learn from”.
While Walmart’s entry into the crypto space may seem sudden, the company had posted its requirements to hire for the blockchain and cryptocurrency lead position in August 2021, according to a Zycrypto report. They had also set up bitcoin ATMs at multiple stores in the US inOctober that year.
Facebook announced that it is rebranding to Meta and embracing NFTs at the end of October last year. Since then, the NFT market has rapidly matured and expanded, with multiple big-name brands making big plays for virtual goods and tokenizable digital collectibles. Brands like Adidas, Gap, Nike, and even luxury fashion houses such as Gucci and Burberry have already ventured into the metaverse through their NFTs.
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