Is Walmart looking to harness the opportunities of the metaverse? this might be so as the retail giant submitted a total of seven patent filings, showing plans to create its own digital currency and NFT collection.
“Walmart is quietly planning to enter the metaverse,” writes CNBC writer Lauren Thomas in a piece published on January 16. According to seven patent and trademark filings from the United States Patent and Trademark Office (USPTO).
Cryptocurrency solutions, blockchain technology, and non-fungible token (NFT) assets are all discussed in the trademark registrations. Downloadable software that can take advantage of digital currency and concepts like augmented reality is described in one specific filing.
Walmart submitted one trademark application with the USPTO. The applications were filed on December 30, 2021, by the retail behemoth.
Walmart told the reporter in a statement that the multinational retailer is “continuously studying how emerging technology may affect future shopping experiences.” Walmart, on the other hand, refused to disclose to Thomas about the seven specific trademarks.
“We’re always testing new concepts,” a Walmart official told the reporter. “Some ideas turn into products or services that reach customers. We test, iterate, and learn from some of them.”
Another USPTO application from Walmart mentions a virtual reality (VR) game that includes a virtual version of a Walmart store and a large number of the retailer’s products. Healthcare items, personal care products, patio furniture, electronics, appliances, fashion, and athletic goods might all be represented by virtual things or NFTs.
This is how Walmart envisions Shopping in the #Metaverse.
Thoughts? 💭 pic.twitter.com/5l7KhoBse7
— Homo Digitalis (@DigitalisHomo) January 3, 2022
Walmart is hoping to employ a “digital currency and cryptocurrency product lead” in mid-August 2021, according to the petition. “As Walmart’s digital currency/cryptocurrency lead, you’ll be in charge of establishing the digital currency strategy and product roadmap,” the job posting read at the time.
Blockchain adoption by retailers and companies
Walmart joins a slew of other merchants and well-known brands in attempting to profit from metaverse concepts, NFT technology, and Web3. Samsung, Gap, Adidas, Nike, Hennessy, Coca-Cola, and Pepsi-Cola are among the companies that have gone headfirst into the burgeoning blockchain business.
Crocs, Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch have all filed trademark applications related to digital collectibles and blockchain technology with the USPTO.
The seven trademarks aren’t the only ones that discuss blockchain technology and cryptocurrency that Walmart has filed. Walmart was discovered to have submitted a patent in August 2019 for the construction of a stablecoin concept.
“The digital currency may be pegged to the US dollar and only be used at a limited number of retailers or partners.” In other cases, digital currency can be used almost any place. “The digital currency can provide a fee-free or low-cost place to deposit wealth that can be spent, for example, at stores and simply converted to cash if needed,” according to Walmart’s 2019 filing.
