- Walmart is rumoured to be working on its own cryptocurrency and non-fungible token collection (NFTs).
- Late this month, the big-box retailer filed several new trademarks indicating its intention to create and sell virtual items.
- The company stated in a separate filing that it would provide customers with a virtual currency as well as non-fungible tokens, or NFTs.
According to the US Patent and Trademark Office, the national big-box retailer filed multiple trademarks last month indicating its aim to make and sell virtual products, as well as a second filing indicating its intention to offer virtual currency and NFTs, according to CNBC.
According to CNBC, Walmart filed seven different trademark applications, all of which were filed on December 30.
“They’re really intense,” a trademark attorney, Josh Gerben, told CNBC.
“There’s a lot of language in these, which indicates that there’s a lot of planning going on behind the scenes about how they’re going to deal with cryptocurrency, how they’re going to deal with the metaverse, and how they’re going to deal with the virtual world that appears to be coming or is already here.”
Since Facebook announced its desire to change its company name to Meta, numerous firms have shown interest in focusing on expanding into the metaverse, according to Gerben.
Nike is one of the main firms that has applied for trademarks that hint at ambitions to sell virtual branded things in early November, before announcing its cooperation with Roblox to develop an online environment named Nikeland later that month.
Last month, Nike paid an unknown sum for the virtual sneaker business RTFKT (pronounced “artefact”).
According to CNBC, two of the company’s main competitors, Under Armour and Adidas, sold out of their respective NFT debuts last month and have subsequently raised their pricing on the NFT marketplace OpenSea.
Other garment retailers that have recently registered trademarks in relation to NFT, according to Gerben, include Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch.
According to the company, launching NFTs allows firms to tokenize physical products and services in order to lower online transaction costs. NFTs can also function as a sort of authentication for real and more expensive goods for luxury businesses like Gucci and Louis Vuitton, according to CB Insights.
More retailers will want to create their own ecosystem around the metaverse and items stored on the blockchain, according to Gerben. As more consumers become familiar with the metaverse and items stored on the blockchain, more retailers will want to create their own ecosystem around it.