The retail giant, Walmart Inc. filed seven patents, indicating plans for development of its own digital money and NFT collections. On December 30, the international retailer registered many new trademarks with the United States Patent and Trademark Office, reported by CNBC in an article dated January 16. Out of seven, three of the patents were under its existing advertising department named Walmart Connect.
Digital money and Digital token, ability to trade NFTs, Electronics, toys, appliances, clothes, and home décor are among the virtual items to be created and sold, according to applications.
Another application reveals intentions to trademark its brand name and its logo in augmented reality (AR) and virtual reality (VR) with the prospect of launching physical fitness training services. This is the most recent in a series of incidents suggesting Walmart’s focus into the Metaverse. In this direction, Walmart Inc also posted a job opening in August for one “digital currency and crypto product lead to manage its digital currency program.
Walmart already partnered with Coinstar and Coinme to deploy 200 Bitcoin ATMs inside its shops across the United States in October.
It has also been using blockchain technology since 2018 for logistics, consumer markets, and smart products.
According to Morgan Stanley analysts, the Metaverse is having $8 trillion potential to retailers.
Walmart, with a market valuation of over $406 billion, is the biggest private employer in the United States. It operates hypermarkets, department stores, and grocery store chains.
