Walmart, the US company, is preparing to create its own cryptocurrency and a set of non-fungible tokens (NFTs) and deposit at the US Patent and Trademark Office fair, paving the way to meet its customers in the emerging world of metaverse.
The retailer is seeking several new brands, which have shown that they intend to make and sell virtual goods such as electronics, décor, toys, sporting goods and personal care products.
The applications, revealed by CNBC, represent an important step for the retail giant as it considers how to participate in a virtual year of metaverse that blends aspects of digital technologies. Walmart in August announced a position to develop a “digital currency strategy and product roadmap” with outlining “crypto-related investments and partnerships,” according to a job posting on the company’s website.
The company is also seeking trademarks to apply the Walmart name and the Fireworks logo to healthcare and education services in virtual and augmented reality.
The company said in a statement that it is “constantly exploring how emerging technologies can shape future shopping experiences,” and said, “We don’t have anything else to share today, but it’s worth noting that we routinely apply for trademarks as part of the innovation process.”
All requests indicating that the company intends to use it have been submitted but not yet started. Trademarks will not be registered until they are actually used.
Walmart’s cryptocurrency plans were the subject of a high-profile hoax in September, when a fake ad caused a short-lived surge in the cryptocurrency Litecoin.
The fake news statement said at the time that Walmart would begin allowing its customers to pay with Litecoin.
In October, the retailer began a pilot program in which shoppers could buy bitcoin at CoinStar’s kiosks in some of the company’s US stores.
In early December, Walmart chief financial officer Brett Bigs said at an analyst conference that the company was open to the idea of allowing shoppers to pay in cryptocurrency if customers requested it, but that the company saw no need to rush into any capabilities, according to Bigs. (Bloomberg)
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