Walmart appears to be the next big company to join the NFT and cryptocurrency digital virtual wave that is quickly building momentum in popularity across entire industries.
Walmart, NFTs, And Crypto
Walmart is best known as the massive chain of retail big-box stores that sells a vast array of consumer goods at highly competitive prices. It is now turning its retail dominance towards Web3.
In a recent statement, Walmart said it is “continuously exploring how emerging technologies may shape future shopping experiences.” This has likely led to its interest in the “metaverse,” or the rapidly growing digital, virtual universe that includes technologies like NFTs, cryptocurrencies, blockchain, and virtual marketplaces.
A multitude of other brands has already jumped into NFTs, crypto, and related technologies. Most notable is Facebook which officially changed its name to “Meta” recently to signal its intention to build its presence in the metaverse. Adidas, Nike, and Gap have already started selling NFTs alongside their physical merchandise. They, among others, are also hinting at creating virtual spaces of some kind.
While Walmart may not be on the cutting edge of early NFT and cryptocurrency adoption, it seems clear that it doesn’t want to miss out.
How Walmart Plans To Get There
Walmart has filed seven separate new trademarks with the U.S. Patent and Trademark Office last month. These filings signal Walmart’s intent to produce and sell virtual goods, including electronics, home décor, toys, sporting goods, personal care products, and more, and those are likely just the beginning. A separate filing indicated that Walmart would offer users virtual currency as well as NFTs, paving the way for their own cryptocurrency.
The Bottom Line
Though some remain skeptical about NFTs, cryptocurrency, and related technologies, the speed and breadth of its adoption across so many industries presents a compelling argument that’s not just a fad but is here to stay.
Walmart seems to be convinced and is preparing to invest in not only these technologies, but also an e-commerce virtual marketplace which they likely believe will help them reach new customers in the rapidly emerging digital metaverse space.
