Sunday, May 26, 2024

Walmart is preparing to enter the Metaverse by filing documents to launch cryptocurrency and non-fungible tokens.

Based on several indications, it would appear that Walmart is planning to enter the Metaverse. Based on its filings with the US Patent and Trademarks office, it appears that it has plans to launch its own collection of NFTs and its own cryptocurrency.

The filing of the patents was revealed in a report on CNBC. Till then, the patent filings had gone unnoticed and only the CNBC report revealed Walmart’s possible plans in the metaverse space.

The retailer, the report said, has filed seven patents in all. Of the seven, three were under its division for advertising – Walmart Connect.

Walmart’s Metaverse Plans

The patent applications were for ‘virtual goods’. The applications were for creating and selling these virtual goods. The goods include items such as electronics, toys, home decor, apparel, etc. The applications also specified digital currencies/tokens and also the purchase and sale of NFTs.

The applications also revealed plans to trademark, in VR and AR, Walmart’s logo. It also seemed possible that Walmart plans to introduce training services in physical fitness in VR and AR.

These patent filings are not the first indications of Walmart’s interest in Metaverse. Earlier in the year, in Aug, the retailer had advertised for a position in digital currency. The person to be hired was meant to drive digital currency and crypto products. Later, the listed position was removed. However, one is not sure if the position was filled. A LinkedIn search to determine this could not prove it either way.

Other Indications

In other indications, Walmart has entered into a partnership with Coinstar – the crypto ATM firm. The plan is to install bitcoin ATMs in 200 of the US’s Walmart stores. There is also a partnership with a crypto-cash exchange – Coinme. The retailer has also been an early adopter of blockchain for SCM, customer marketplaces, and smart appliances.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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