In Brief:
- Walmart has made several filings to enter the metaverse.
- The move is intended to develop its own cryptocurrency and NFT collection.
The retail giant Walmart is gearing up for a full-blown Metaverse Push. The multinational retailer submitted a total of seven patent filings with the U.S. authorities, indicating its plan to develop its own cryptocurrency and NFT collection
The move is aimed to indulge in augmented reality/virtual reality (AR/VR) and blockchain-based decentralized world. Though the company has filed several new trademarks with the U.S. patent and Trademark Office, it went unnoticed until Jan 16.
Walmart filed seven patent applications, out of which, three are under its existing advertising division “Walmart Connect”. The applications included plans to create and sell virtual goods such as home decor, toys, electronics, personal care products, sporting goods, apparel, etc. The company also mentioned “digital token” and “digital currency”, with an intention to provide an opportunity to buy and sell NFTs.
In addition to that, it introduced a separate application focused to trademark the Walmart logo and brand name in virtual reality and augmented reality. The move also indicates the possibility of introducing “physical fitness training services” in VR and AR.
It appears that this initiative was long-awaited as Walmart made headlines in August when it announced plans to hire a digital and crypto expert. Walmart’s involvement in metaverse surely ensures its growth in the rapidly evolving crypto space.
The company also showed excitement saying it is “continuously exploring how emerging technologies may shape future shopping experiences.” Further Walmart stated that they are testing new ideas all this while and said in a statement “Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
