Walmart tests cryptocurrencies and NFTs – will it affect your weekly shop?
WALMART is preparing to venture into the metaverse as documents reveal the company's plans to create its own cryptocurrency and NFTs.
Nationwide retailer Walmart is thinking of getting into the cryptocurrency and non-fungible token (NFT) game, according to several trademark documents.
The retail giant filed the documents, which suggest it has plans to offer users a virtual currency, as well as create NFTs, in late December 2021.
″[The filings are] super intense,” said Josh Gerben, a trademark attorney.
“There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here," he added.
The company said in a statement that it is "continuously exploring how emerging technologies may shape future shopping experiences.”
“We are testing new ideas all the time — some ideas become products or services that make it to customers. And some we test, iterate and learn from," Walmart added.
And the company has done just that over the years, adopting several new technologies for both its stores and offices.
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These technologies include training employees to use VR, as well as implementing self-driving trucks for deliveries.
Walmart is not the only company trying to get their foot through the digital door.
Ever since Meta (formerly-known as Facebook) spoke of its ambitions for the metaverse, many companies have been scrambling to figure out how they can be apart of the digital space, according to Gerben.
Other traditional retailers who have been toying with the idea of cryptocurrencies and offering a collection of NFTs include Underarmour, Adidas, and Gap.
Meanwhile, apparel retailers like Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have already filed trademarks recently for a virtual space of their own.
In other news, a federal antitrust case against Meta, the company formerly-known as Facebook, has been given the go-ahead.
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