- On December 30, the retailer filed seven applications with the U.S. Patent and Trademark Office.
- Walmart plans to make and sell virtual goods such as toys, sporting goods, personal care products, electronics, and home decorations.
- NFTs will serve as a means to reduce online transaction costs and generate more avenues for revenue.
Walmart is making its entrance into the metaverse. A CNBC report states that the retailer has filed seven applications with the U.S. Patent and Trademark Office on December 30.
The applications mention Walmart’s aim to make and sell virtual goods such as toys, sporting goods, personal care products, electronics, and home decorations. Another filing indicates Walmart’s plan to make NFTs and its own cryptocurrency.
Walmart released a statement explaining that the company is “continuously exploring how emerging technologies may shape future shopping experiences.” The company goes on to say, “We are testing new ideas all the time,” adding the remark, “Some ideas become products or services that make it to customers. And some we test, iterate and learn from.”
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Walmart joins a long list of companies and businesses rushing to make their mark in the metaverse. Nike filed trademark applications in November that signal the company’s intent to sell branded virtual sneakers and clothing. GAP has begun selling NFTs of their logo sweatshirts, which come with a physical version of the garment. Facebook even went so far as to change the company name to “Meta”.
NFTs serve as a means for businesses to reduce online transaction costs and create more avenues for revenue. It can even be utilized for digital tagging, which is extremely beneficial for luxury brands that struggle with counterfeit or replica products.
As the real world and the metaverse become more interrelated, more businesses will set up shop in the virtual world. We’ll even see an increasing number of companies that operate exclusively in the metaverse.