In late December 2021, Walmart filed at least seven trademarks indicating the retailer’s desire to both produce and sell digital assets. While the second application suggested that the business would give consumers cryptocurrencies and digital NFTs. Walmart is the most recent corporation to enter the NFT market. Walmart, the world’s largest retailer, is the next to jump on the Bitcoin and other types of the crypto craze.
According to registration paperwork submitted by Walmart with the US Patent and Trademark Office (USPTO) in December 2021, the retail giant looks to be moving into the metaverse with plans to establish its own portfolio of non-fungible tokens (NFTs). An NFT is a type of digital asset that leverages blockchain technology to determine who owns a digital object such as a picture, clip, or in-game item.
While anybody may examine the item, only the buyer can claim to be the “formal” owner. According to CNBC, Walmart registered at least seven trademarks in late December 2021 indicating the retailer’s desire to produce and sell virtual items, while another submission suggested that the corporation will give consumers cryptocurrencies and digital NFTs.
According to the documents, Walmart may introduce “financial services, such as supplying a digital currency and a digital token of worth for usage by members of an online community over a universal network connection.” Walmart remarked in a statement that it is “constantly researching how new technologies may influence future shopping experiences.” “We are always testing new ideas for the future,” the business claimed, adding that “some concepts become goods or services that are delivered to customers.”
Into the Metaverse:
And some we test, iterate, and learn from.” This trend comes after Meta (previously Facebook) signalled its aim to support metaverses; since then, there has been a rush by prominent companies to join the field with currencies, NFTs, or both. Adidas, Nike, Gap, and many more well-known brands have begun selling NFTs and have hinted at plans to construct virtual places.
Only a few weeks ago, sportswear behemoth Adidas Originals made $23.5 million by selling 30,000 of its “Into the Metaverse” NFTs within hours of their release. Meanwhile, people are bidding thousands of dollars to purchase these collectables, and some are even selling for millions. According to a recent Cointelegraph article, consumers have paid over $9 billion on NFT sales thus far.