- According to reports, Walmart is coming big into metaverse, digital currency, and NFT
- The exact features of Walmart’s crypto are unclear, and it is uncertain if it will be based on blockchain
- Metaverse is becoming the new competing space for big retailers and tech giants
Retailer Walmart may soon launch its own set of digital goods for metaverse. Walmart is said to have filed multiple trademarks related to virtual goods in December 2021. Though it is being fairly estimated that the retailer can soon jump onto the metaverse bandwagon, any official announcement has yet to shine more light on this development.
Is Walmart launching a cryptocurrency?
In a trademark application on December 30 last year, Walmart declared its intent to offer a digital token for use on an ‘online community’. The screenshot of the application is in circulation.
This may come as a surprise to some, but e-commerce giant Amazon also has its own ‘Amazon coin’, a digital token pegged to the US dollar. This token, however, has very limited use as of now.
What will be Walmart crypto?
Though the news has drawn the attention of crypto watchers, it is uncertain whether Walmart will use the blockchain technology to power its digital currency, and if yes, to what extent.
Bitcoin is a popular blockchain based currency, but it differs in features from Ether or Tether. Different crypto tokens can be either a native token or a governance token or a stablecoin. Amazon coin, however, is not blockchain based, and Walmart’s crypto may be designed in any manner.
Also read: Top cryptos by market cap that ruled in 2021
Filings confirm that the retailer is willing to ride the metaverse wave. Walmart may offer goods to be used in the virtual world. As of now, virtual petrol pumps and parcels of land are being purchased at a very high price.
All these digital assets are non-fungible tokens (NFTs).
Is Walmart getting into Cryptocurrency, NFTs?
Walmart’s digital offering can come as NFTs. This would ensure that the ownership of these goods is recorded on blockchain. Such records are both immutable as well as appealing to the new generation.
Data provided by CoinMarketCap.com
From sports goods to toys and electronics, Walmart may be coming up with a range of digital goods to not miss the metaverse boom.
Is Walmart into cryptocurrency?
In September last year, news broke out that the retailer would accept cryptocurrencies like Litecoin as payments. Walmart was quick to label this news as fake, after which the Litecoin crypto tumbled.
There are reports, however, that Walmart is offering Bitcoin ATM services at some of its stores. The retailer is said to have partnered with Coinme for this. But these services may have nothing to do with what Walmart may be coming up in the crypto and NFT space in near future.
The road ahead
Metaverse is heating up, and big retailers and tech companies are preparing to harness its appeal. From Adidas to Nike to celebrities like Paris Hilton, the virtual reality world is attracting many. Walmart is a retailer in the real world, and it would want to have a slice of the virtual world as well. Walmart’s entry in cryptocurrency and NFTs may also help Bitcoin and other cryptos regain the lost ground.