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Highlights
- Renowned retailer Walmart is taking a leap into the Metaverse and blockchain technology.
- It aims to introduce NFTs and create its own crypto in the future and has filed applications for the same.
- To explore emerging technologies and cash in opportunities, triggered Walmart’s said move.
Walmart, the global retail giant, is all set to venture into the world of Metaverse and is preparing to launch its cryptocurrency and NFTs.
The multinational retail corporation is going for filings with the US Patent and Trademark Office, thus revealing its plans to step into the world of blockchain technology and the highly immersive space of virtual reality.
Related Read: Decoding metaverse: What is it and why is there so much hype about it?
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Retail giant files several applications to establish NFTs and cryptocurrency
As per reports, last month, Walmart had filed seven trademarks indicating its plans to make and sell virtual goods like décor, toys, electronics, personal care products, and sporting goods.
Interesting Read: What is Samsung’s metaverse store all about?
Moreover, it has also put in applications for shopping services related to Verse to Store, Verse to Home and Verse to Curb.
Also, the Company is seeking trademarks for applying Walmart’s name and ‘fireworks’ logo for its healthcare services and education in the world of both VR and AR.
It has hinted at launching digital currency for use by members of an online community through a global computer network.
Must Read: Metaverse: Which are the top 5 coins making waves?
It is noted out that in an analyst conference, Brett Biggs, Walmart’s CFO mentioned that the Company was open to allowing its customers to pay in cryptos if they demand; however, Walmart is not rushing towards the idea as of now.
Rationale behind this move
Walmart is continuously exploring new and emerging technologies and their impact on businesses in the future.
Hence, in order to keep pace with the constantly evolving business world, the Company is laying the spadework for developing its own digital currency on lines of Bitcoin and Ethereum.
Retailers who have jumped on the crypto bandwagon
Various other global retailers have plans to enter into the emerging Metaverse.
Do Read: Why has The Sandbox’s gaming platform been incorporated into social metaverse?
Nike, the famous footwear and apparel manufacturer and retailer, is planning to introduce NFTs and virtual sneakers, while its competitor, Adidas sold its first collection of NFTs, titled, ‘Into the Metaverse,’ in just a few hours of its launch.
Gap, the famous American clothing and accessories retailer, has also launched the sale of its NFTs of its iconic physical hoodies.
Reports reveal that the global Metaverse market is expected to hit US$6.1 billion towards the end of this year and touch US$42 billion by 2026.
Bottom Line
The Metaverse, in all its glory, promises exciting opportunities and new avenues for the retail sector in the future, offering customers to engage with products and other people using their virtual avatar.
