The world’s largest retail giant, Walmart, has shown interest in crypto and non-fungible tokens, owing to the increasing demand for digital assets in the international market. According to sources, there are talks about the retail giant entering the metaverse through its new crypto venture. However, the company is yet to comment on the subject officially.
Walmart has filed trademark documents for the USPTO in the U.S. After its first filing in December 2021, the company is seen engaged in the groundwork for its own cryptocurrency. The new currency introduced by Walmart will compete against crypto market dominators such as Bitcoin and Ether.
Reportedly, the U.S. retail giant filed seven trademarks in December 2021, aiming to offer cryptocurrency and NFTs along with virtual goods. The filings separately show the company’s official interests in the digital currency where the documents state “financial services, namely, providing a digital currency and a digital token of value for use by members of an online community via a global computer network.”
Although Walmart has not given more insights into its venture plans, it admitted to “exploring emerging technologies” that could transform its retail business.
“We are testing new ideas all the time,” the officials stated. In an interview with the media, the officials added, “Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
With the company showing an avid interest in the virtual space, Walmart has made another filing for using its logo and name in Augmented Reality and Virtual Reality. Additionally, the retail giant has filed trademarks for certain terms, including “Verse to Curb,” “Verse to Home,” and “Verse to Store.”
According to industry experts, the company is laying a foundation to offer a virtual shopping experience for modern consumers. As the company plans to build virtual market space, it may also invest in building e-commerce software solutions for blockchain, cryptocurrency, and fund transfers.
Industry insiders predict that if Walmart opens its virtual store, the business move will greatly impact the price of its token while giving a big push for all shareholders in the metaverse space. It may also indicate that Walmart will be open to accepting cryptocurrencies such as Bitcoin at its stores in the U.S.
The company shares are up 0.3% as of Tuesday despite the company not trading on Monday. The official announcement by Walmart is expected to have a considerably good impact on the crypto fraternity and investors.