US retail giant Walmart has become the latest global brand to pivot to a metaverse and non-fungible tokens following a filing of seven trademark applications for virtual products and digital assets.
In an application filed on December 3o 2021, the retailing behemoth filed trademarks for an ‘on-line retail store services’, which is intended to sell virtual merchandise including electronics, toys, sporting goods, appliances and home decorations alongside many more products.
It’s anticipated the array of products will be available in NFT form and be applicable for use within existing metaverse environments such as The Sandbox and Decentraland alongside a future metaverse exclusive to Walmart.
The retailer also filed for a trademark application for the provision of a “digital currency and a digital token for use by members in an online community” – indicating that Walmart is keen on delivering a digital asset in cryptocurrency form to Walmart customers.
In addition, further applications outlined Walmart’s ambition for a wallet in the form of ‘downloadable software’ that will allow Walmart users to manage portfolios of “digital currency, virtual currency and cryptocurrency”.
The pivot to NFTs and cryptocurrencies makes sense for Walmart – it is currently the largest company in the world by revenue, reporting $560 billion in sales last year, and seems keen to expand into a more digital space.
In a statement, Walmart said it was “continuously exploring how emerging technologies may shape future shopping experiences”.
The retailer isn’t the first major brand to expand into the NFT space. Global fashion brands Nike and Adidas have ventured into NFTs in recent weeks alongside musicians Steve Aoki and Snoop Dogg launching their own virtual collections.
Proclaimed as a “trillion-dollar industry” by Grayscale, the metaverse and NFTs are now also gradually becoming a mainstay within the art world thanks to high-profile auctions through auction houses like Sotheby’s and Christie’s.