The retail giant has filed an application with the US Patent and Trademark Office to officially cater to metaverse customers by creating its own cryptocurrency and launching NFT collections.
The Walmart Virtual Store
According to a report published by TIME magazine, Walmart is taking the first steps for a metaverse expansion. With the rebranding of Facebook as Meta and the evolution of blockchain technology and NFTs, the metaverse is the next big tech movement. Several noteworthy businesses and companies are making the move to join the metaverse revolution. The applications filed by Walmart on December 30th, 2021, indicate that the retail giant is not far behind as it has applied for trademarks for selling virtual goods like electronics, decor, toys, sporting goods, and personal-care products.
Metaverse Plans Still Hush Hush
The company is still trying to keep the news under wraps, by declining to comment specifically on the news. However, a job posting on the company’s website from back in August 2021 called for individuals who could help identify potential crypto investments and partnerships and chart out the strategy and product roadmap of a digital currency. The statement released by Walmart cites generic product and service testing behind the different initiatives.
“We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
However, experts believe that, like many other leading conglomerates, Walmart is most certainly making arrangements to enter the metaverse. Trademark attorney, Josh Gerben addressed the trademark patents that Walmark filed, saying,
“They’re super intense. There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”
Brands Rush The Metaverse
Several major retail brands have already made moves in the metaverse space by launching virtual products. Apparel brand GAP started selling NFTs of its iconic logo sweatshirts, in tiers ranging between $8.30 to $415. Best-selling NFT collections were also launched by other leading apparel brands like Under Armour and Adidas on NFT marketplace OpenSea. Other brands like Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch are also exploring the idea of entering the metaverse by opening up their own virtual stores.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.