Walmart signaling plans to create digital currency and NFT collection
Walmart submitted a total of seven patent filings, signaling plans to create its own digital currency and NFT collection.
Walmart inc. is preparing to enter the Metaverse with patent filings indicating that it intends to make its own digital cryptocurrency and NFT.
The multinational retailer recorded several new trademarks with the U.S. Patent and Trademark Office on Dec 30, however, they remained unnoticed until a Jan 16 report by CNBC shed more light on Walmart's aspirations.
Walmart documented seven patent applications at the time, including three under its existing advertising division "Walmart Connect"
The application included the aim to create and sell "virtual goods," including the likes of electronics, toys, appliances, apparel, and home decor. There's also mention of a "digital currency" and "digital token" and opportunities to buy and sell NFTs.
A different application recommends plans to reserve the Walmart brand name and logo in virtual reality(VR) and augmented reality(AR) with the chance of presenting "physical fitness training services" in VR and AR
This comes as the most recent in a string of recent events including Walmart's interest in the Metaverse. in August, the retail giant listed a job vacancy for a "digital currency and crypto product lead" to drive digital currency strategy.
The job listing has since been removed but it is unclear whether the role was filled. A LinkedIn search for a person working at Walmart with the role turns over no results.
Walmart has used blockchain technology for supply chain management customer marketplaces, and smart appliances since 2018.
According to analysts from Morgan Stanley, the Metaverse could introduce an $8 trillion chance for retailers.
During the third quarter of 2021, Walmart saw sales reach $11.1 billion according to Digital Commerce 360. Walmart is the largest private employer in the U.S with a market capitalization of more than $406 billion. It operates a chain of hypermarkets, discount department stores, and grocery stores.