Walmart Prepares to Enter the Metaverse, Following Other Retailers

Multinational retail corporation Walmart seems to be planning to enter the metaverse as it develops its own cryptocurrency alongside a collection of NFTs. The move became apparent after the company filed numerous new trademarks on December 30 with the U.S. Patent and Trademark Office.

A total of seven applications were submitted including trademarks for financial services for cryptocurrency, NFTs, and blockchain technology; a financial exchange of virtual currency; and the creation of digital currency and tokens of value for use by the online community. Walmart intends to create and sell virtual goods such as electronics, home decorations, toys, sporting goods, and personal care products.

The company is “continuously exploring how emerging technologies may shape future shopping experiences,” explained Walmart. We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”

Trademark attorney Josh Gerben described Walmart as “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,” added Gerben.

Walmart follows in the footsteps of other retailers that have also ventured into the emerging technologies scene. In December, Nike announced its purchase of RTFKT, a virtual sneaker company in the metaverse, to supplement its earlier move of the creation of Nikeland. Gap, Adidas, and Under Armour have also started selling their own NFTs, which are now selling for exorbitant prices on marketplaces.

“All of a sudden, everyone is like, ‘This is becoming super real and we need to make sure our IP is protected in the space,” furthered Gerben. Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch have likewise recently filed their own trademarks with the intent to establish virtual stores.

Gerben believes that the general shift towards the digital realm was prompted after Facebook’s rebranding to Meta. Meanwhile, private equity company CB Insights sees NFTs as a means for businesses to reduce online transaction costs. The Block director Frank Chaparro adds that retailers don’t want to miss out on the opportunities of the metaverse seeing how most of them were late to enter the e-commerce sector.

“I think it’s a win-win for any company in retail,” said Chaparro. “And even if it just turns out to be a fad there’s not a lot of reputation damage in just trying something weird out like giving some customers an NFT in a sweepstake, for instance.”

Sources: CNBC, The Street