One of the world’s biggest retail supermarkets – Walmart has announced plans of repositioning itself for a place in the metaverse space. According to reports making rounds reveals that the corporation is making plans to create its own cryptocurrency and Non-Fungible Token (NFT) collection. The report states that late last month the retail giant filed new trademarks which indicate its intent to make and sell virtual goods and personal care products. In a separate filing by the company, it was also stated that the company would offer users virtual currency, as well as NFTs.
In a statement by the giant cooperation – Walmart stated that it is “continuously exploring how emerging technologies may shape future shopping experiences.” However, comments on the specific trademark filings were declined. Josh Gerben, a trademark attorney has stated that “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.”
Since social media giant Facebook changed its name, a large number of organizations that create digital services are already strategizing on various ways they can position themselves to deliver value to their already established client base. This race to deliver value in the virtual world is so because no one wants to get left behind in the journey of innovations. Gerben shares thought in the same line, he stated that everyday businesses are rushing to figure out how they fit into a virtual space.
Although one of the world’s biggest retail supermarkets, Walmart is not the first on the list to file patents in relation to cryptocurrency and NFTs. The recognized leading sneakers maker, Nike, also filed a slew of trademark applications in November 2021, which announced its plans to sell virtual branded sneakers and apparel. Later in 2021, the sneakers makers teamed up with Roblox to create an online world called Nikeland. Also in the year 2021, the virtual sneaker company RTFKT (pronounced “artefact”) was bought by Nike for an undisclosed amount.
Also on the list of companies who have done the same as Walmart is clothing and accessories retailer, Gap, which also moved into selling NFTs of its iconic logo sweatshirts. The apparel maker has also disclosed that its NFTs are priced in tiers ranging from roughly $8.30 to $415 and will come with a physical hoodie. Gerben disclosed that companies like Ralph Lauren, Abercrombie & Fitch and Urban Outfitters have in recent weeks filed trademarks with the intent to open up some sort of virtual store. Both Under Armour and Adidas were debuted to have sold out their NFTs last month. They’re now fetching sky-high prices on the NFT marketplace OpenSea.
Gerben explained that more and more consumers continue to familiarize themselves with the metaverse and items stored on the blockchain. As time goes on more retailers will desire to create their own ecosystem around it. Walmart trades on the New York Stock Exchange at $145.06 in the last trading session, down marginally by 0.28%.