The retail giant has filed a total of seven patent applications, noting its plans to create its own digital currency and collection of NFTs.
It seems that retail giant Walmart Inc. is preparing to enter the Metaverse with the filing of patents indicating that it plans to create its own cryptocurrency and collection of NFTs .
The multinational retailer filed several new patent applications with the United States Patent and Trademark Office on December 30 , however they went unnoticed until a January 16 report from CNBC shed more light on Walmart’s ambitions.
Walmart then filed a total of seven patent applications, three of them under its current “Walmart Connect” advertising division .
The solicitations included plans to create and sell “virtual goods,” including electronics, toys, appliances, clothing, and home decor. A “digital currency” and a “digital token” are also mentioned, as well as opportunities to buy and sell NFTs .
Meanwhile, a separate application suggests plans to trademark the Walmart brand name and logo in virtual reality (VR) and augmented reality (AR), with the possibility of introducing “fitness training services” in VR and AR .
This is how Walmart envisions shopping in the Metaverse. Opinions?
This news is the latest in a series of recent developments indicating Walmart’s interest in the metaverse. In August, the retail giant posted a job posting for a “cryptocurrency and digital currency product leader” to push forward the digital currency strategy .
The job posting has since been removed, but it is unclear if the position has been filled . A Linkedin search for a person who works at Walmart with that role returns no results.
In October, Walmart also partnered with ATM company Coinstar and cryptocurrency exchange Coinme to install 200 Bitcoin ATMs in its US stores .
Additionally, Walmart has used blockchain technology for supply chain management, customer marketplaces, and smart home appliances since 2018 .
According to Morgan Stanley analysts, the Metaverse could present an $8 trillion opportunity for retailers .
During the third quarter of 2021, Walmart saw sales hit $11.1 billion, according to Digital Commerce 360. Walmart is the largest private employer in the United States with a market capitalization of more than $406 billion . It operates a chain of hypermarkets, discount department stores, and grocery stores.