Walmart could soon join the metaverse, according to a recent CNBC report. The giant retailer has filed a trademark application, which indicates the company is seeking to launch its own cryptocurrency and NFTs. In the filing, the company also mentions blockchain technology.
Details Of The Trademark Filings
Walmart filed for several trademarks on December 30, 2022, which suggests the company could begin selling virtual goods. These goods could include applications, toys, apparel, home décor, and more. In the filings, there is a mention of offering its customers a digital currency and the option to buy and sell NFTs. Another application by the company talks about fitness and health classes that could take place in virtual reality environments. In a separate filing, the company filed for a trademark for the use of its name and logo in VR and AR environments.
The recent Walmart trademark applications include trademarks for names such as Verse to Curb, Verse to Home, and Verse to Store. It could be a sign that the company is planning to launch a virtual shopping environment for its users.
The company told CNBC that they were continuously working on exploring how emerging technologies could shape future shopping experiences. However, they declined to share any more details on the crypto and NFT plans. Walmart added that it often files trademark applications as part of its innovation process.
The Growing Virtual Economy
While Walmart has no immediate plans to enter the virtual world, the filings show that it is keeping a close eye on the growing virtual goods economy. In a yahoo finance report, it was estimated that the metaverse was worth around $47 billion as of 2020. By 2025, it is expected to be worth around $828 billion.
NFTs will no doubt play an important role in this economy. In the last few months, NFTs have become quite popular. In 2021 alone, it grew to become a $40 billion market, according to a Financial Times report. That trend is likely to continue for the next few years as the metaverse grows.
The Impact Of Walmart On The Crypto And NFT Space
If Walmart does go ahead and launch crypto and NFT products to its customers, it could have a huge impact on the space. The company is already looking into how to use the blockchain within its supply chain, and it is enjoying some success. Entering the crypto space could introduce its huge customer base to crypto and NFTs, which would lead to massive growth for the crypto space.
However, such a launch is not likely to happen in the next few months. The company is most likely filing trademark applications to protect itself in case it does decide to join the space in the future.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
