By Alicia Maher
The retailing behemoth filed 7 patents, indicating that it intends to develop its cryptocurrency token and NFT collections. With their patent documents showing that it aims to build its cryptocurrency token and NFT collections, it looks that the retailing behemoth Walmart Inc. is gearing up to get into the Metaverse.
Walmart’s Plans to Join the Digital Currency World
On 30th December, the global retailer registered many novel trademarks with the United States Patent as well as the Trademark Office. Still, they went unreported until a CNBC article on 16th January cast additional light on Walmart’s plans. At that point, Walmart had submitted 7 patent applications, 3 of which were under its current promotion and advertising subsidiary, “Walmart Connect.”
Strategies to develop and trade digital items, such as electrical gadgets, appliances, home decor, toys, and clothes, were added to the applications. There was also a comment concerning creating their cryptocurrency and buying and selling NFTs.
In the meantime, a different application reveals strategies of trademarking the Walmart brand logo and name VR and AR, with possibilities of launching “regular exercise skills training” in both VR and AR.
This is the latest in a series of incidents suggesting Walmart’s involvement in the Metaverse. The retailing behemoth posted a job opening in August last year for a digital currency and a cryptocurrency product to spearhead its digital currency program.
Although the job posting has since been taken down, it is unknown if the position has been occupied. Even searching on Linkedin for someone in that position at Walmart has yielded no results.
Walmart has teamed with Coinstar, a cryptocurrency ATM firm, and Coinme, a cryptocurrency-cash exchange, to deploy two-hundred BTC ATMs in its shops across the United States in October. Walmart has also been using blockchain technology since 2018 for supply chain operations, consumer markets, and intelligent products.
Based on a statement made by Morgan Stanley analysts, the Metaverse might provide retailing businesses with an $8T potential. According to Digital Commerce 360, Walmart’s revenues in Q3 2021 totaled $11.1B. With a market valuation of more than $406B, Walmart is the country’s biggest company. It owns and runs a supermarket, affordable shopping mall, and groceries retail chain.
Companies Moving Into the Metaverse
According to a trademark expert, Josh Gerben, companies have been scrambling to map out how they would fit into a digital space after Facebook’s announcement of turning its corporate name to Meta, reflecting its aspirations outside social media.
During the early periods of November last year, Nike submitted a series of trademark applications that hinted at their decision of selling virtual branded sneakers and gear. Later that same month, it announced a collaboration with Roblox to build Nikeland, an online realm. It paid an unspecified sum last month for the virtual sneaker business RTFKT.
Gap also recently began producing non-traditional versions of its trademark logo sweaters. NFTs would be sold in levels varying from $8.30 to $415 and would include an actual hoodie, according to the fashion company. In the meantime, Adidas and Under Armour’s NFT launches in December were sold out. They’re already fetching exorbitant rates on OpenSea.
Gerben, Abercrombie & Fitch, Urban Outfitters, and Ralph Lauren have all registered trademarks over the last few weeks, indicating their intention to create a virtual marketplace.