Friday, Jul 01, 2022

Walmart Plans To Enter Metaverse

Walmart may soon enter metaverse with its own cryptocurrency and collection of NFTs.

Walmart Steps To Metaverse
Walmart Steps To Metaverse

Walmart Inc., an American multinational retail corporation, plans to join the cryptocurrency bandwagon and launch a collection of non-fungible tokens (NFTs), CNBC reported on Sunday, January 16.

Indicating its motive to produce and sell virtual goods such as electronic devices, home furnishings, toys, athletic equipment, and personal care products, Walmart filed a number of trademarks in late December. The company also stated that it would offer customers virtual currency as well as NFTs. Walmart filed at least seven trademark applications on December 30, as per CNBC report.

Walmart stated that they are "continuously exploring how emerging technologies may shape future shopping experiences”. CNBC said that Walmart declined to make a further statement on the specific trademark filings.

Walmart said that they are testing new ideologies all the time. "Some ideas become products or services that make it to customers. And some we test, iterate, and learn from."

Recently, Meta (formerly Facebook) indicated that it will foster metaverses. Following that, many brands have entered the space with currencies, NFTs, or both.

Adidas, Nike, Gap and many other well-known brands have begun selling NFTs and have hinted at plans to construct virtual environments. According to various media reports, Adidas Originals made $23.5 million by selling 30,000 of its "Into the Metaverse" NFTs in just a few hours after they went on sale a few weeks ago.

Meanwhile, people are bidding thousands to own these collectables, and some are even selling for millions. A recent report by Cointelegraph stated that people have spent over $9 billion in NFT sales so far.

Notably, in October, Walmart also partnered with crypto ATM company Coinstar and crypto-cash exchange Coinme to install 200 Bitcoin ATMs in its stores across the United States, Cointelegraph reported.

The craze for NFTs is at its peak globally. For example, despite cracking down on cryptocurrency trading and mining last year, the Chinese government is pursuing other uses of blockchain technology and NFTs.