Walmart Files For Its Own Cryptocurrency As It Begins Metaverse Plans

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American multinational retailer Walmart might have been making silent moves about the metaverse, but as new CNBC report suggests, the company is also looking to create its own cryptocurrency as well as a collection of nonfungible tokens (NFT)s.

Walmart Files 7 Applications With The U.S. Patent and Trademark Office

As part of its efforts towards preparation for the metaverse, the retail company filed several new trademarks in late December that showed its intent to create and sell a range of virtual products including interior decorations for homes, electronics, sporting products, and even personal care products. And now, a separate filing may have just confirmed the company’s plans to also offer its customers, a virtual currency and NFTs as well.

Meanwhile, as confirmed by the U.S. Patent and Trademark Office, Walmart has filed no less than 7 separate applications so far. And they were submitted on December 30, 2021.

Major Brands Intensify Metaverse Preparations

Ever since Facebook officially announced its rebranding to Meta, hinting at plans beyond social media, other major brands have been coming out with plans of their own. And now, Walmart might just be the newest brand to board the train heading for the metaverse.

Recall that footwear company, Nike also filed a series of trademark applications in early November.

As if that wasn’t enough, Nike went on to collaborate with Roblox later that month. According to the company, the partnership happened in order to create a virtual world called Nikeland. Later in December, Nike also acquired the virtual sneaker company RTFKT.

And there are also reports that clothing retailers Ralph Lauren, Abercrombie & Fitch, and Urban Outfitters have all filed trademarks recently, supposedly ahead of opening their virtual store.

NFT Craze Still On?

According to the CNBC report, Walmart will also be launching its own NFT collection. But this doesn’t exactly come as a surprise.

With so many feeling the NFT craze from average investors to celebrities.

Additionally, many big brands and sports clubs have all caught the NFT buzz as a way of getting closer to their customer base while also offering them some rewards in return.

Recall that Adidas NFT debut sold out in December, and so did Under Armour’s.

 

Mayowa Adebajo

Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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