Watch out metaverse as Walmart is looking to get on trend by creating its own cryptocurrency and NFTs. The retail giant reportedly filed several applications with the US Patent and Trademark Office that suggest Walmart is developing its own crypto assets.
The application for several trademarks was posted in late December 2021 and the application hints that Walmart could soon be planning the sale of virtual goods ranging from toys and electronics to home decor and sports equipment. This is expected to be doubled up with a range of augmented reality and virtual reality products that could offer specialist classes in areas like physical fitness and health and nutrition.
However, it’s the fact Walmart is expected to offer its customers its own digital currency as well as providing the opportunity to trade NFTs that is truly groundbreaking. Such moves may not be surprising as the retail giant posted a job offer for a crypto specialist last summer, and Walmart has also been using blockchain technology to make food recalls faster as well as prevent the counterfeiting of drugs. It’s also worth noting that a fraudulent Walmart press release last year caused the value of LiteCoin to jump over 30%.
It’s anybody’s guess as to what Walmart’s move into the metaverse could actually look like, but with trademarks over terms like ‘Verse to Home’, it hints that a virtual shopping experience could be on the cards.
Obviously there’s every chance that Walmart might step back from actually releasing its own cryptocurrency products. However the plans for a socially interactive online 3D virtual environment do seem to be gaining traction.
This means that customers could come to a virtual shop in the form of their own avatar and then browse from among a range of virtual products that would take in everything from electronics to health and beauty. Once such a platform is in place, it would make perfect sense for Walmart to introduce its own cryptocurrency and NFTs for customers to use within the virtual marketplace.
Blockchain tech comes to the mainstream
While the government and banking institutions seem to be resolutely opposed to cryptocurrencies, it looks like some of the world’s biggest companies are getting serious about blockchain technology. From Tesla accepting the DogeCoin crypto for some of its merchandise to Nike serving up virtual sneakers and NFTs, it seems as though the technology is just too interesting for brands to pass up.
It’s been fascinating to see how major firms are taking their first tentative steps into the metaverse. Video gaming brands like Konami have had successful experiments with its Castlevania NFTs and the clothing retailer Gap also launched a well-received NFT collection.
However, when a true retail heavyweight like Walmart starts actively pursuing blockchain technology, it shows that a seismic shift is underway in how the US perceives the undeniable rise of cryptocurrencies. All of which means that 2022 could be a pivotal year in the fortunes of the retail giant.
