Walmart is reportedly planning to enter in the Metaverse and launch its own cryptocurrency and collections of non-fungible tokens (NFTs).
The biggest retail corporation, Walmart, has filed for several trademark applications with the United State Patent and Trademark Office, on December 30th to operate in the metaverse and block-chain world.
The company’s intention to produce and sell items such as electronics, home decoration, toys, sports equipment, and beauty products could be seen in these trademark applications.
One the trademark shows that it will offer virtual currency to its customers and also an opportunity to buy or sell NFTs.
Meanwhile, other application indicates possible “health and nutrition seminars” and “physical fitness training services that could take place in augmented reality (AR) and virtual reality (VR) environments.
The company states that, “the firm is continuously exploring how emerging technologies may shape future shopping experiences.”
In October 2021, Walmart began hosting Bitcoin ATMs in some of their stores across the United States. As Josh Gerben, a trademark attorney said that lot of planning goes behind the scenes regarding how the company would deal with Bitcoin and the metaverse.
Several other retailers are looking to venture in metaverse like GAP selling NFTs of its famous logo sweatshirts or Nike aiming to launch virtual sneakers and partnering with Roblox to build a virtual world called “Nikeland”.
Businesses have been rushing to figure out how to adapt into a virtual world, according to Gerben, since Facebook changed its name to Meta.
According to research firm Strategy Analytics, the worldwide Metaverse market is expected to reach about $42 billion by 2026.
To read our blog on China intends to use new blockchain technology to separate NFTs from cryptocurrency, click here.