American multinational retail corporation, Walmart, appears to be progressing into the metaverse space with its intention to fully create and own its cryptocurrency and nonfungible tokens (NFTs.).
Walmart, organized and filed a number of new trademarks a month ago which indicated its aspiration of selling virtual goods, which includes sporting items, personal care products and electronics. The company in the file also distinctly stated that it would offer a virtual currency (NFT’s).
The U.S patent and Trademark Office in which Walmart filed its application stated that on Dec 30, A total of seven separate application has been submitted.
Statement from Walmart “it is continuously exploring how emerging technologies may shape future shopping experiences.”
“We are testing new ideas all the time,” the company said. “Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
“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.”
Meanwhile, Frank Chaparro, director at crypto information services firm The Block revealed many retailers are still reeling from being late to e-commerce, so they don’t want to miss out on any opportunities in the metaverse.
“I think it’s a win-win for any company in retail,” Chaparro said. “And even if it just turns out to be a fad there’s not a lot of reputation damage in just trying something weird out like giving some customers an NFT in a sweepstake, for instance.”