Walmart May Be Entering the Metaverse – What You Should Know

Walmart recently submitted seven patent filings in total, all of which indicate that the retail giant plans to develop its own non-fungible tokens (NFTs) collection and digital currency, i.e., cryptocurrency. Therefore, there’s an indication that Walmart may be entering the metaverse, and this article explores that in detail.

When the Trademarks Were Filed

On December 30, this multinational retail company filed multiple new trademarks with the United States Patent and Trademark Office. However, there was no news of these trademarks until CNBC shared a Sunday report on January 16, 2022, about what Walmart was doing in the world of NFTs and cryptocurrencies. Out of the total of seven patent applications Walmart filed, three of them were under “Walmart Connect,” which is the retailer’s existing advertising division.

What the Plans the Patent Applications Included

Walmart’s patent applications included plans to develop and sell “virtual goods,” which include a number of different things, some of which are listed below.

• Electronics

• Appliances

• Toys

• Home decor

• Apparel

The plans also mentioned a “digital token” and “digital currency.” In addition to that, it detailed opportunities to purchase and sell non-fungible tokens.

There was also another application that suggests that Walmart plans to trademark the brand logo and name in augmented reality (AR) and virtual reality (VR). There was also an indication that Walmart plans to possibly introduce “physical fitness training services” in AR and VR.

Other Indicators That Walmart Is Interested in Entering the Metaverse

In addition to this patent information, there have been instances in the past that indicate that Walmart may be entering the metaverse. In August 2021, the retail company listed a job opportunity for the position of a “digital currency and cryptocurrency product lead.” Thus, they need a professional to drive the company’s digital currency strategy. The job listing is not present anymore, but there’s no certainty if someone filled the position or not. Even searching for a person working in that position at Walmart on LinkedIn yields no results, so there’s no way that we can offer any definitive answer to this.

Other than this position, Walmart had partnered with two crypto-related companies in October 2021. These companies include Coinstar, a crypto ATM company, and Coinme, a crypto-cash exchange. This partnership was established to work on installing 200 Bitcoin ATMs in Walmart retail stores in different parts of the United States.

It’s also worth noting that since 2018, Walmart has used blockchain technology for customer marketplaces, supply chain management, and smart appliances.

Walmart may be entering the metaverse because there are certainly opportunities for profit, as suggested by analysts from Morgan Stanley. They’ve noted that the metaverse could offer an opportunity worth $8trillion for retailers.

Walmart’s sales reached $11.1 billion during Q3 of 2021, and its market capitalization is more than $406 billion. Thus, the metaverse may only improve those numbers in due time, but only time will provide more answers.

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