Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency a...
Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of non-fungible tokens or NFTs.
The major retailer filed several new brands late last month, signaling its intention to manufacture and sell virtual goods, including electronics. toys, sporting goods, and personal care products.
In a separate filing, the company said it will offer users virtual currencies as well as NFTs. According to the US Patent and Trademark Office, Walmart filed the applications on Dec. 30.
A total of seven separate applications were filed. In a statement, Walmart said it is "continuously exploring how new technologies can shape future shopping experiences."
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He declined to comment on the specific trademark filings. "We're constantly testing new ideas," the company said. "Some ideas become products or services that reach customers.
And others we test and iterate and learn from." They're super intense," said Josh Gerben, a trademark attorney.
“There is a lot of language in these, which shows that there is a lot of planning going on behind the scenes for how they will deal with cryptocurrencies.
It will deal with the metaverse and the virtual world that seems to become or is already here.
Gerben said since Facebook announced it would change its company name to Meta, signaling its ambitions beyond social media, companies have struggled to figure out how they would fit into a virtual world.
Nike filed a series of trademark filings in early November that foreshadowed its plans to sell virtual branded shoes and apparel.
Later that month he said he would be collaborating with Roblox to create an online world called Nikeland. In December he bought the virtual shoe.
Company RTFKT (pronounced "artifact") for an undisclosed amount. "All of a sudden everyone is like, 'This is going to be super real and we need to make sure our intellectual property is protected in space,'" Gerben said.
Gap has also started selling NFTs of its iconic logo hoodies. The apparel maker said its NFTs will range in increments from about $8.30 to $415 and come with a physical hoodie.
Meanwhile, NFT debuts from Under Armor and Adidas sold out last month. They are now fetching sky-high prices in the OpenSea NFT market.
Gerben said clothing retailers Urban Outfitters, Ralph Lauren, and Abercrombie and Fitch have also filed trademarks in recent weeks detailing their intention to open some sort of virtual store.
A report by CB Insights outlined some of the reasons why retailers and brands want to pursue ventures that can potentially provide new revenue streams.
The launch of NFT allows companies to tokenize physical products and services to reduce online transaction costs, he said.
And for luxury brands like Gucci and Louis Vuitton, NFTs can serve as a form of authentication for more expensive, tangible goods, CB Insights found.
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Gerben said that as more consumers become more familiar with the Metaverse and the items stored on the blockchain, more retailers want to create their own ecosystem around it.
According to Frank Chaparro, director of crypto information service The Block, many retailers are still suffering from the e-commerce lag, so they don't want to miss opportunities in the metaverse.
"I think it's beneficial for any retail business," Chaparro said. something odd, like giving some customers an NFT in a giveaway.
