Retail monster Walmart Inc. is preparing to enter the Metaverse with patent filings showing that it intends to make its cryptocurrency and NFT collection.

As per a report by CNBC issued on January 16th, 2022, Walmart filed seven trademarks in late December 2021 that seem to demonstrate the retailer's goal to both make and sell virtual merchandise while a different recording showed that the organization would offer clients virtual cash and NFTs. The applications were filed with the U.S. Patent and Trademark Office on December 30th.

In an assertion, Walmart said it is "continuously exploring how emerging technologies may shape future shopping experiences." It declined to remark on the particular trademark filings.

"We are testing new ideas all the time," the organization said. "Some ideas become products or services that make it to customers. And some we test, iterate, and learn from."

As per trademark lawyer Josh Gerben, the applications demonstrate that there is a ton of anticipating Walmart's end for how they will work with the metaverse.

"There's super intense," Gerben said. "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."

Gerben said that since the time Facebook reported it was changing its company name to Meta, flagging its desires past social media, businesses have been racing to sort out how they will squeeze into a virtual world.

Walmart isn't the only one in its endeavors to fan out into the metaverse. Nike documented a few brand name applications in November 2021 and reported collaboration with Roblox to make the web-based world, Nikeland before buying virtual tennis shoe organization RTFKT in December. Metropolitan Outfitters, Ralph Lauren, and Abercrombie and Fitch have additionally documented brand names lately while Gap has begun NFTs of their logo pullovers, however, those NFTs accompany a physical hoodie too.

Joyashree Dey

CBW - External Analyst

INDIA