Walmart prepares to enter the metaverse with NFTs and crypto

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Walmart plans to enter the metaverse and create its own cryptocurrency and non-fungible tokens (NFTs), CNBC reported Sunday, January 16.

Walmart, which is the largest private employer in the United States, filed a number of trademarks in late December. The documents show that the company intends to both create a virtual currency and sell virtual goods such as electronics, home decorations, toys, sporting goods and personal care products. .

Walmart said in a statement that it “continually explores how emerging technologies can shape future shopping experiences.”

“We are constantly testing new ideas,” the company told CNBC. “Some ideas become products or services that reach customers. And some we test, iterate and learn.

Late last year, Facebook announced it would change its name to Meta and shift to a model focused on virtual worlds and technologies. Analysts say this has led to a glut of other companies, including Nike and Gap, adding their own contributions to the virtual world.

CB Insights noted that retailers made the choice to enter the metaverse because it could offer new revenue streams. Trademark attorney Josh Gerben told CNBC that as more customers become familiar with the metaverse, more retailers will try to create their own ecosystems in this space.

PYMNTS recently reported that Walmart and Amazon have been juggling long-term and COVID-related business challenges.

See also: AMZN vs. WMT Weekly: Retail giants face COVID but plan for the future

Walmart announced it had to close and deep clean 60 stores to ensure there was no risk of contracting COVID there, which represents about 1.2% of U.S. stores.

However, the daily contagion rate was only getting worse throughout the start of January. For this reason, there may be more cases of COVID-related temporary store closures in the near future.

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