The retail giant of the United States, Walmart is the latest firm to step into the crypto bandwagon. Based on trademark documents the retail giant field in December 2021 with the US Patent and Trademark Office (USPTO), Walmart appears to be set out into the metaverse with schemes to develop its own collection of non-fungible tokens (NFTs).
A digital asset, NFT uses blockchain technology to record who holds a digital object like video, image, or in-game item. While anyone can view the asset at stake, it is only the buyer who can say they are the ‘official’ holder.
As per reports, Walmart filed at least 7 trademarks in late December 2021 that signal the retailer’s intention to both sell and develop digital goods while a separate filing signaled that the firm would be providing users crypto and NFTs. According to the document, Walmart anticipates launching ‘financial services, namely, offering a virtual currency and a digital token of value for use by online community members through a global computer network.
Walmart, in a statement, said that it is continuously exploring how upcoming technologies may design future shopping experiences. They are testing new ideas every time. The firm added that some ideas become services or products that make it to customers. And some they test, repeat and learn from.
This evolution comes after Meta (formerly Facebook) indicated its plan to promote metaverses, since then there has been hype among huge brands to enter the space with NFTs, currencies, or both.