Walmart To Create Its Own Crypto and NFTs

January 16, 2022 2:04 pm Comments

According to files from the U.S. Patent and Trademark Office, Walmart is about to launch its own cryptocurrency as well as its own collection of NFTs.

This recent announcement marks another addition to the long line of companies and institutions that are taking part in the digital revolution.

From previous reports in December, Walmart may be deciding to create its own collection of virtual goods which includes items such as hair products, electronics, toys, and more.

These may be part of a long term strategy by the company in order to position itself as one of the leading companies to take advantage of the recent emergence of the metaverse.

The metaverse is essentially a virtual world that will allow consumers to interact and buy and sell digital products or services the same way that they could in the real world.

Time reports:

The applications, which were first reported by CNBC, represent a significant step for the retail giant as it studies how to participate in the metaverse, a virtual world that blends aspects of digital technologies.

Walmart in August advertised a position to develop “the digital currency strategy and product roadmap” while identifying “crypto-related investment and partnerships,” according to a job posting on the company’s website.

The applications were among a flurry the company filed on Dec. 30, including three under “Walmart Connect” — the name of the company’s existing digital advertising venture — for a financial exchange for virtual currency and advertising.

Applications also were filed for “Verse to Store,” “Verse to Curb” and “Verse to Home” for shopping services. It’s also seeking trademarks to apply the Walmart name and “fireworks” logo to heath-care services and education in virtual and augmented reality.

In regards to launching its own crypto, this is not the first time that Walmart has ventured into the crypto space.

In the past, Walmart had run multiple experiments where it allowed customers to purchase Bitcoin directly from their stores.

They had also mentioned that they were willing to embrace the use of cryptocurrencies by shoppers to make purchases as long as there was significant demand for it.

CNBC reports:

According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30.

“They’re super intense,” said Josh Gerben, a trademark attorney.

“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.”

Gerben said that ever since Facebook announced it was changing its company name to Meta, signaling its ambitions beyond social media, businesses have been rushing to figure out how they will fit into a virtual world.

As of today, Walmart is the largest company in the world when measured by revenue which was reported to be $560 billion dollars in sales last year.

The revelation of Walmart’s plans to become more involved in cryptocurrencies, NFTs, and the metaverse will likely encourage other competitors to do the same if to ensure that they stay competitive and do not miss out on this digital revolution.

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