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Walmart to Create NFTs for Metaverse Intrusion

Walmart to Create NFTs for Metaverse Intrusion NFT News
  • Walmart is ready to use patent filings to enter the Metaverse.
  • The company files seven patents and plans to create its own cryptocurrency and NFTs.
  • The patent application includes plans to produce and sell virtual goods and trademark company logo and name in VR and AR.

Multinational retail giant Walmart Inc. is one of the latest major companies to enter the Metaverse arms race. In fact, on December 30, 2021, the retailer filed seven new patents with the US Patent and Trademark Office (USPTO). But, it remained overlooked until CNBC published a report on January 16, in which Walmart’s plan has come into full view.

Specifically, the company plans to build its own NFT collection and cryptocurrency. Out of the seven patents, three are under Wallmart Connect, the advertising division of the company.

One application covered several plans to create and sell virtual goodslike electronics, appliances, toys, home decors, and apparel. It has mentioned digital tokenand digital currency, and opportunities to buy and sell NFTs.

Another separate application puts forward plans to trademark the logo and brand name of Walmart in Virtual Reality (VR) and Augmented Reality (AR). This makes it possible to introduce physical fitness training servicesin VR and AR.

All these plans are part of Walmart’s interest to enter the metaverse. Moreover, as part of its digital currency strategy, the retail giant has posted a job vacancy for a digital currency and crypto product lead back in August 2021.

However, the job listing has then been pulled out, but it is not yet clear whether the role has been taken.

In October 2021, Walmart also collaborated with crypto exchange Coinme and crypto ATM company Coinstar to install 200 Bitcoin ATMs in its stores across the US. Since 2018, the company has used blockchain technology to supply chain management, smart appliances, and customer marketplaces.

Meanwhile, a report from Morgan Stanley suggested that the metaverse could bring an additional $8 trillion earning opportunity for retailers.

Digital Commerce 360 also stated that Walmart has reached sales of $11.1 billion in the third quarter of 2021 alone. With a market capitalization of nearly $406 billion, Walmart is claimed as the largest private employer in the US. It operates grocery stores, discount department stores, and many hypermarkets.

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Bahira Maisoon is a researcher and writer for CoinQuora. She specializes in covering news and writing about blockchain and crypto assets to introduce people of all ages to the world of digital assets.