Walmart, too, is preparing itself for the metaverse: the American retail giant wants to launch its own cryptocurrency and sell virtual products as NFTs. It has made seven trademark applications to enable this.
Virtual electronics and gym equipment
Behind the scenes, Walmart is working on its virtual future: seven separate trademark applications reveal plans to make and sell its own NFTs. It would involve all kinds of virtual products that consumers can use in the metaverse: virtual electronics, home decoration and toys, even sporting goods and personal care products.
People would be able to decorate their virtual reality environment with these virtual items, just as they do in reality in their physical homes. After all, Facebook founder Mark Zuckerberg envisions the metaverse as a virtual world where consumers can take their items and accessories with them everywhere, from an online work meeting to a virtual concert to attend with friends.
As such, an entire economy would develop around the buying and selling of these virtual items, and Walmart clearly wants to be the first to respond. Since cryptocurrencies are the means of payment within the metaverse, Walmart is also considering creating its own cryptocurrency. According to CNBC, a separate trademark application has been filed for this.
Thoroughly thought out
It is unknown how specific the plans are, but the applications show much thought has gone into them: they are lengthy documents with many explanatory notes. In other words, it is more than just a vague idea. Nevertheless, Walmart remains cautious and emphasises that it constantly researches new ideas and technologies, but not all will make it into an actual product or service. Sometimes it is just a trial.
Nevertheless, some retail brands see a lot of opportunities in the metaverse. Last week, British department store chain Selfridges announced the launch of exclusive NFT artworks by Victor Vasarely, known for his ‘Op-Art’ optical illusion art from the 1960s. At the same time, fashion house Paco Rabanne is auctioning off some of its historic dresses as digital NFT prints. American fashion brands Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have also reportedly registered trademarks in recent weeks with the idea of opening virtual stores.