Walmart prepares to enter the Metaverse, files documents to launch crypto and NFTs
Several trade filings filed with local regulators suggest Walmart may discreetly be pursuing plans to venture into launching its cryptocurrency and NFTs.
US retail giant Walmart may strategically be planning to launch its cryptocurrency and NFTs. According to CNBC, the company has filed several documents with the local regulatory body to create its cryptocurrency and non-fungible tokens (NFTs)
Walmart and metaverse?
As per a CNBC report, Walmart has recently filed several applications that indicate that the US retail company might be interested in selling virtual goods, which may include electronics, home decorations, toys, and personal care products.
The company also filed another document with the US Patent and Trademark Office that suggests Walmart may also be seeking to launch its own virtual currency and NFTs.
Another trademark filing also indicates the firm’s interest in offering physical fitness training services and classes related to health and nutrition in a “virtual” ecosystem.
As per sources, approximately seven applications have been filed by Walmart on December 30th, indicating its plan to explore the growing virtual world.
According to Walmart, the firm is “continuously exploring how emerging technologies may shape future shopping experiences.”
Josh Gerben, a trademark attorney, referred to the Walmart filings as “super intense.” He further stated how Facebook’s decision to rebrand itself as Meta was one of the major catalysts that encouraged other brands and firms to explore the metaverse.
Speaking about Walmart’s metaverse move, Gerben stated:
“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.”
Metaverse has been consistently growing in popularity since last year. Major companies such as Nike and Gap have already entered the Metaverse by launching their merch in the virtual world. According to Bloomberg, the Metaverse sector may soon be worth $800 billion if it continues to receive heavy traction.