Walmart May Launch Own Cryptocurrency, Nft Collection: Report
The retail giant Walmart is reportedly working on its cryptocurrency and a collection of non-fungible tokens (NFTs). It filed for trademarks for multiple virtual goods such as electronics, skincare, among others, late last month according to a CNBC report.
“They’re super intense. There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here,” trademark lawyer Josh Gerben told CNBC.
While Walmart told CNBC it is keen to explore emerging technologies, it declined to comment on the trademark applications. We are “continuously exploring how emerging technologies may shape future shopping experiences,” Walmart told CNBC. “We are testing new ideas all the time, and some ideas become products or services that make it to customers. And some we test, iterate, and learn from,” the company said.
Walmart’s entry into the crypto space has not been sudden. According to a Zycrypto report, the company had posted its requirements to hire for the position of cryptocurrency and blockchain lead in August last year. In October that year, the company set up bitcoin ATMs at multiple stores in the US.
But while Walmart’s plan to launch its own cryptocurrency may be unique, many companies have already made a foray into the metaverse and launched their NFT collections. Brands like Nike, Adidas, Gap, and even luxury fashion houses such as Burberry and Gucci have ventured into the metaverse through their NFTs.
Nike, which filed multiple trademark applications, less than a week after Meta’s unveiling has already bought virtual sneaker and collectible creator RTFKT Studios to sell sneakers and apparel in the metaverse. Nike also announced a partnership with the metaverse giant Roblox to create an online world called Nikeland.
Gerben stated that apparel companies like Ralph Lauren and Urban Outfitters have also filed trademarks over the last few weeks indicating their plans to open virtual stores.
According to a detailed report from CB Insights, retailers are dedicating their resources to selling virtual goods as they see this as a new revenue stream. Also, the sale of NFTs allows businesses to tokenise physical products and also helps reduce online transaction costs.
(Edited by : Yashi Gupta)