Walmart is preparing to make its own Cryptocurrencies, Non-Fungible Tokens (NFTs), including entering the world of the Metaverse, according to documents filed with the United States patents office.
Documents filed by the US retail giant in December with the US Patent and Trademark Office (USPTO) suggest it is hoping to make its own digital currency, stating it may launch “financial services, namely, providing a digital currency and a digital token of value for use by members of an online community via a global computer network”.
According to news reports on Monday, the world’s biggest retail company by revenue filed seven trademarks last month that indicates its intent to make and sell virtual goods in the metaverse, as well as offering NFTs.
While filing for names like ‘verse to home’, and ‘verse to store’ is a good indicator of what Walmart is trying to do, their real intent is to make the virtual shopping experience in the Metaverse uncomplicated .The company has filed to use its name and logo in augmented reality (AR) and virtual reality (VR) as well.
Walmart is the world’s largest company by revenue, with US$548.743 billion, according to the Fortune Global 500 list in 2020. It is also the largest private employer in the world with 2.2 million employees. Walmart is a publicly traded family-owned business, as the company is controlled by the Walton family. Sam Walton’s heirs own over 50 percent of Walmart through both their holding company Walton Enterprises and their individual holdings.
Walmart declined to comment but told reporters that it is “continuously exploring how emerging technologies” may impact the business.
Other trademark applications made by the company referred to plans for “physical fitness training services”, as well as health and nutrition classes, and suggest it could soon make software to be used in e-commerce marketplaces and for fund transfers, blockchain, and crypto-related uses, according to reports on The Verge and Gadgets 360.
