US retail giant Walmart is the latest company to step into the cryptocurrency bandwagon. Based on trademark documents the retail giant filed in December 2021 with the US Patent and Trademark Office (USPTO), Walmart appears to be venturing into the metaverse with plans to create its own collection of non fungible tokens (NFTs).
An NFT is a digital asset that uses blockchain technology to record who owns a digital object such as an image, video, or in-game item. While anyone can view the asset in question, only the buyer can say they are the “official” owner.
According to a report by CNBC, Walmart filed at least seven trademarks in late December 2021 that indicates the retailer’s intent to both create and sell virtual goods while a separate filing indicated that the company would be offering users cryptocurrency and NFTs. The documentation states that Walmart may launch “financial services, namely, providing a digital currency and a digital token of value for use by members of an online community via a global computer network.”
In a statement, Walmart said it is “continuously exploring how emerging technologies may shape future shopping experiences. We are testing new ideas all the time,” the company said, adding that “some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
This development comes after Meta (formerly Facebook) signaled its intention to foster metaverses, since then there has been a rush among major brands to enter the space with currencies, NFTs or both.
Adidas, Nike, Gap and many other well-known names have started selling NFTs and hinted at intentions to create virtual spaces. Just few weeks ago, sportswear giant Adidas Originals earned $23.5 million by selling 30,000 of Adidas’ “Into the Metaverse” NFTs within a matter of hours of going on sale.
Meanwhile, people are bidding thousands to own these collectibles, and some are even selling for millions. A recent report by Cointelegraph revealed that people have spent over $9 billion in NFT sales so far.