Walmart to launch its own cryptocurrency, NFTs, venturing into the metaverse
|- Walmart has submitted trademark applications to get ready to venture into the metaverse.
- The retail giant also plans to launch its own cryptocurrency and NFTs.
- This move comes after the firm started hosting Bitcoin ATMs in some of its stores in the United States in October.
Retail giant Walmart is preparing to issue its own cryptocurrency and non-fungible tokens (NFTs). A recent trademark application revealed that the company is looking to obtain trademark protection for virtual products in the metaverse.
Walmart plans to sell virtual goods
Walmart’s new trademark filings indicate that the firm is intending to create and sell virtual goods, including electronics, home decorations and toys and personal care products. According to the United States Patent and Trademark Office, the retail behemoth filed the application on December 30.
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. 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. NFTs have allowed businesses to tokenize physical products and services, which can also act as a form of authentication for goods.
Nike has also filed a series of trademark applications in early November and the sportswear company has collaborated with Roblox to create a virtual world called Nikeland.
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