Walmart is set to make its own set of cryptocurrencies and non-fungible tokens in the metaverse. The retailer has made filings with the US Patent and Trademark Officer for the same.
Documents, filed on December 30, 2021, highlight that Walmart intends to make and sell virtual goods like electronics, decor, sporting goods and toys as well as personal-care products on the metaverse. The metaverse is a virtual world that integrates technologies into the digital space.
Walmart has filed applications for Verse to Store; Verse to Curb; and Verse to Home. The company is working on trademarks for the Walmart name and fireworks logo to its healthcare services as well as education in virtual and augmented reality.
The latest announcement follows a high-profile hoax in September 2021 about Walmart’s cryptocurrency plans. The fake news, which said Walmart would accept payments in litecoin, had sent the price of litecoin surging. Despite the hoax, the giant retailer continued to explore the crypto space. And in October, Walmart started a pilot program, wherein shoppers can buy bitcoin at Coinstar kiosks in some of its US stores. Coinstar has about 200 kiosks in Walmart stores.
Brett Biggs, a chief financial officer at Walmart, at an analyst conference in early December had said the company was open to allowing shoppers to pay in cryptocurrencies as per the demand of its customers. However, the retailer did not see a need to rush into it. But the company did say that it is open to emerging technologies as it will help shape future shopping experiences.
In regards to Walmart’s interest in the Metaverse, analysts believe it is because of new revenue streams. Josh Gerben, a trademark attorney, told CNBC that more retailers will try to get into this space as customers become familiar with it.