Walmart is preparing to enter the metaverse

Walmart, the retail giant, is set to join the metaverse, planning to create its own cryptocurrency and NFT collection.

Walmart: 7 virtual products

Late last month, Walmart filed for registration of several new trademarks, indicating its intention to produce and sell virtual goods.

In a separate request, the company announced that it would offer users virtual currency and NFT.

Currently, it is expected that a total of 7 applications will appear among the virtual products: electronics, home decorations, toys, sporting goods and personal care products. The company has so far declined to comment on exactly how it intends to use the permissions received, but explained that it is constantly studying "how new technologies may influence future purchase impressions".

"We are constantly testing new ideas," the company said. “Some of them become products or services that reach buyers. »

According to trademark attorney Josh Gerben, "the applications contain numerous wordings that show there is active planning regarding its own cryptocurrency and its introduction into the metaverse."

Big companies are rushing into the metaverse

Part of the large companies have already managed to enter the history of the creation of the virtual world. In early November, Nike filed a number of trademark applications indicating its intention to sell virtual branded sneakers and apparel. Later that same month, the company announced that it was teaming up with Roblox to create an online world called Nikeland. In December, the company purchased virtual sneaker company RTFKT.

Suddenly, everyone was like, “Virtual reality is already here, and we need to make sure our intellectual property is protected in this space,” Gerben explained.

The Gap company has also started selling its iconic logo sweatshirts as NFTs. The apparel maker pointed out that NFT prices will range from $8.30 to $415 and the buyer will also receive the actual goods.

Simultaneously with the aforementioned companies, the first NFTs from Under Armor and Adidas were sold. Now they are resold at exorbitant prices on the OpenSea market.

CB Insights' analytics report outlines some of the reasons retailers and brands are looking to showcase virtual versions of their products.

The launch of NFT allows companies to tokenize physical products and services, thereby reducing online transaction costs, the report says. And for luxury brands such as Gucci and Louis Vuitton, NFTs could serve as a form of authentication for expensive physical goods, the study notes.

In sum, it should be noted that the more consumers become familiar with the metaverse and the products stored on the blockchain, the more retailers will want to build their own ecosystem around it.

Source: cnbc.com

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