Walmart is planning to create its own cryptocurrency and NFTs, paving the way for it to meet its customers in the metaverse, according to a CNBC report on Sunday, January 16, 2022.
The largest US employer has already applied – since December – to register certain trademarks and has filed its plans with the US Patent Office.
According to the US Patent and Trademark Office, Walmart filed the applications on 30 December. In total, seven separate applications have been filed.
The plans demonstrate Walmart’s intention to create and sell digital products such as electronic devices, decorations, toys, sports equipment, and personal care products.
“Walmart is extremely vigorous in its moves,” said Josh Gerben, a trademark attorney. “There seems to be a lot of planning going on behind the scenes about how they’re going to deal with cryptocurrencies, how they’re going to deal with the post-universe and the virtual world that seems to be coming or that’s already here.”
According to Gerben, ever since Facebook announced that it was changing its company name to Meta, signaling its ambitions beyond social media, businesses have been rushing to figure out how to fit into this virtual world.
The retail giant is taking the first big step towards participating in the metaverse.
In August 2021, the company had already expressed its desire to develop “a digital currency and product strategy.
In particular, it had posted a job post for the identification of “cryptocurrency-related investments and corresponding partnerships”.
Also, early last month, Walmart CFO Brett Biggs said at a conference that the company does not reject the possibility of allowing customers to pay with cryptocurrencies if they request it.
However, he had also noted that Walmart has no reason to make any hasty moves in this direction.
Walmart is No Stranger to Crypto
Note that Walmart is no foreigner in the world of Cryptos and blockchain technology. Here’s a timeline of events that show how Walmart is tracking the crypto/blockchain revolution for some years now.
- In September 2018, it was reported that Walmart was asking all of its leafy greens suppliers to get on blockchain by this time next year.
- In August 2019, the retail giant was mulling a digital dollar-pegged currency similar to Facebook’s own would-be currency, Libra.
- In October 2019, Walmart started using Blockchain Technology to Track Indian-Sourced Shrimp Delivered to Sam’s Clubs Stores.