It seems that retail large Walmart Inc. is preparing to enter the Metaverse with patent filings indicating that it plans to create its personal cryptocurrency and NFT assortment.
The multinational retailer filed a number of new emblems with the U.S. Patent and Trademark Office on Dec. 30, nonetheless, they remained unnoticed till a Jan. 16 report by CNBC shed extra mild on Walmart’s ambitions.
Walmart filed a complete of seven patent purposes at the time, together with three underneath its current promoting division “Walmart Connect”.
The applications included plans to create and promote “virtual goods,” together with the likes of electronics, toys, home equipment, attire, and residential decor. There’s additionally point out of a “digital currency” and “digital token”, and alternatives to purchase and promote NFTs.
Meanwhile, a separate application suggests plans to trademark the Walmart model title and brand in digital actuality (VR) and augmented actuality (AR), with the risk of introducing “physical fitness training services” in VR and AR.
This is how Walmart envisions Shopping in the #Metaverse.
— Homo Digitalis (@DigitalisHomo) January 3, 2022
This comes as the newest in a string of current occasions indicating Walmart’s curiosity in the Metaverse. In August, the retail giant listed a job vacancy for a “digital currency and crypto product lead” to drive digital foreign money technique.
The job itemizing has since been eliminated however it’s unclear whether or not the function was stuffed. A Linkedin seek for an individual working at Walmart with the function turns over no outcomes.
Back in October, Walmart additionally partnered with crypto ATM firm Coinstar and crypto-cash change Coinme to install 200 Bitcoin ATMs in its shops throughout the United States.
In addition, Walmart has used blockchain technology for provide chain administration, buyer marketplaces, and good home equipment since 2018.
According to analysts from Morgan Stanley, the Metaverse might current an $eight trillion alternative for retailers.
During the third quarter of 2021, Walmart noticed gross sales attain $11.1 billion according to Digital Commerce 360. Walmart is the largest non-public employer in the U.S. with a market capitalization of over $406 billion. It operates a series of hypermarkets, low cost shops, and grocery shops.