Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of non-fungible tokens, or NFTs.
The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products. In a separate filing, Walmart said it would offer users virtual currency, as well as NFTs. According to the U.S. Patent and Trademark Office, Walmart filed the applications on 30 December.
In total, seven separate applications have been submitted. In a statement, Walmart said it is “continuously exploring how emerging technologies may shape future shopping experiences.” It declined to comment on the specific trademark filings. “We are testing new ideas all the time,” the company added. “Some ideas become products or services that make it to customers. And some we test, iterate and learn from.”
Launching NFTs makes it possible for businesses to “tokenize” physical products and services to help reduce online transaction costs, it said. And for luxury brands like Gucci and Louis Vuitton, NFTs can serve as a form of authentication for tangible and more expensive goods, CB Insights noted.
