This time, it’s the right one! Retail giant Walmart has applied to local regulators. It wants to enter the world of cryptocurrencies, metaverse and NFTs.
Walmart, into the metaverse and beyond?
False reports had circulated last year about Walmart’s adoption of cryptos, particularly Litecoin. This time, however, the info seems solid: the retail chain has indeed made an official application to the US Patent and Trademark Office. According to CNBC’s report, Walmart intends to allow its users to purchase a wide variety of products via the metaverse.
The list includes electronics, home decor, skincare products, toys and more. Customers would be able to shop from home, examining the merchandise via the metaverse. A total of seven applications were submitted at the end of December concerning different aspects of the sector. One of them would even suggest a launch for Walmart of its own cryptocurrency and a range of NFTs for its customers.
“Financial services, namely the provision of a digital currency and a digital token of value intended to be used by members of an online community via a global network of computers.
Race to the metaverse and NFTs for businesses?
“… there’s a lot of planning going on behind the scenes about how they’re going to approach cryptocurrency, how they’re going to approach the metaverse and the virtual world that seems to be coming or is already here,”
brand attorney Josh Gerben said of Walmart.
He identifies Facebook’s decision to rename itself Meta as the catalyst that triggered this rush of companies into virtual worlds. Nike had also filed a similar set of applications in early November. The sports retailer wanted to offer its customers virtual sneakers and clothing that would accompany real products.
The first NFTs created by Under Amour and Adidas, which were sold last month, fetch exorbitant prices on Opensea. Gerben said clothing retailers such as Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have also filed trademarks in recent weeks. Their intention is clear: tokenize their products and services within virtual stores!
Walmart was already a forerunner compared to its competitors when it comes to cryptocurrency adoption. The company had already installed bitcoin dispensers inside its superstores. The retail giant is now shifting gears and targeting the metaverse and NFTs. Could this be the start of a corporate rush to these new virtual worlds?
