It looks like Walmart is quietly trying to break into the metaverse with plans to create its own cryptocurrency and NFT collection.
Bentonville-based retail giant Walmart is poised to enter the crypto and non-fungible token (NFT) markets, according to the latest trademark filings reviewed by CNBC.
One of the files shows that America’s largest private employer also intends to issue its own cryptocurrency.
Walmart is also getting “ready for the metaverse” by trying to gain trademark protection for various virtual goods such as electronics, skincare products, electronics, and more.
Josh Gerben, founder of Gerben Law Firm, told CNBC that Walmart has put a lot of effort into the cryptocurrency influx:
Walmart also filed several new trademark applications late last month, indicating its intent to make and sell virtual goods, including electronics, home decor, toys, sporting goods, and personal care products. Walmart also appears to be entering the metaverse with plans to create its own cryptocurrency and non-fungible token (NFT) collection. In a separate file, the company said it will also offer users a virtual currency alongside NFTs.
Josh Gerben, founder of Gerben Law Firm, told CNBC that Walmart is putting a lot of effort into its cryptocurrency initiative:
“In these documents; There’s a lot of language that shows there’s a lot of planning behind the scenes for how they’re going to handle cryptocurrency, the metaverse, and the virtual world that’s coming or is already here.”
In October, Walmart began hosting Bitcoin ATMs in some of its stores in the US. This move came after the company inadvertently beached itself on a cryptocurrency “pump and dump” scheme in September. As KoinFinans previously reported, scammers issued a fake press release that Walmart accepted Litecoin and skyrocketed the price of the original altcoin before the retail giant debunked the fake announcement.
The company’s move to cryptocurrencies is not unexpected. The company started posting job applications for a cryptocurrency and blockchain specialist in August. A recent Morning Consult survey also revealed that Walmart customers are more likely than the average American to own Bitcoin.
Gerben said businesses have been trying to figure out how to fit in a virtual world ever since Facebook announced it was changing the company name to Meta, pointing to its goals beyond social media.
Nike also filed a series of trademark applications in early November, indicating its plans to sell virtual branded sneakers and apparel. Later that month, the company announced that it was collaborating with Roblox to create Nikeland, an online world. In December, it also acquired virtual sneaker company RTFKT for an undisclosed amount.
Gap, another sportswear brand, has also started selling NFTs of its iconic logo sweatshirts. The apparel company notes that its NFTs will be priced at roughly $8.30 to $415 and will include a physical hoodie.
Meanwhile, both Under Armor’s and Adidas’ NFT outlets sold out last month and are currently priced very high on the NFT marketplace OpenSea.
CB Insights has released a report outlining some of the reasons why retailers and brands might want to embark on such initiatives that could potentially create new revenue streams.
According to the company, issuing NFTs allows businesses to tokenize physical products and services to reduce online transaction costs. Also, CB Insights noted that for luxury brands like Gucci and Louis Vuitton, NFTs could serve as a form of authentication for tangible and more expensive products.
Gerben said that as more consumers become familiar with the metaverse and items stored on the blockchain, more retailers will want to build their ecosystems around it.