Walmart, one of the largest retail firms in the US, is officially planning to launch into different spaces in the cryptocurrency industry. The retailer recently filed documents that show its plans to launch its own cryptocurrency and a collection of non-fungible tokens (NFTs).
The US Patent and Trademark Office records show that Walmart filed an application on December 30, 2021. A separate filing also shows that the retailer wants to offer a virtual currency and NFTs.
Walmart moving into crypto
A report from CNBC shows that Walmart could be looking towards opportunities present in the cryptocurrency sector. The filings made late last month show that Walmart wants to create and sell virtual items such as electronics, home décor, sporting goods and more.
The retailer has made seven applications that have been submitted to the relevant regulatory bodies. In a statement, the retailer noted that it was looking towards testing new ideas. The retailer notes that some of the technologies assessed would transform shopping experiences in the future. However, the company has not addressed the trademark filings.
The company also added, “we are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.
The CNBC report quoted Josh Gerben, a trademark attorney. Gerben noted that the language used in the applications by Walmart was “super intense.” He also noted that the applications showed that the retailer was involved in rigorous planning behind the scenes to discover how they would venture into the metaverse and virtual world.
Companies rushing towards the virtual world
Facebook rebranded into Meta late last year, which shed light on how companies could boost their brand awareness by focusing on the virtual world. Recent months have seen many businesses rushing towards establishing plans to launch virtual products and offerings.
In November last year, Nike filed several trademark applications signalling its plans to sell virtual sneakers and sports apparel. During the same month, Roblox launched a virtual world dubbed “Nikeland.” In December, Nike acquired RTFKT, a virtual sneaker and NFT platform.
Other brands such as Adidas and Under Armour are also looking towards the virtual world. The two debuted their NFT products last month. The NFTs have since skyrocketed in value. Adidas has earlier hinted that it would build its virtual world on The Sandbox, but its plans have not been formalized.
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