According to papers with the United States Patent and Trademark Office, Walmart Inc. is planning to create its own cryptocurrency and a collection of non-fungible tokens, paving the way for the company to meet its customers in the growing metaverse.
In December, the store applied for many new trademarks indicating that it intended to manufacture and sell virtual goods such as electronics, decor, toys, sporting goods, and personal-care items.
The applications, first reported by CNBC, are a big step forward for the retail behemoth in its research into how to participate in the metaverse, a virtual environment that combines parts of digital technologies.
According to a job advertisement on Walmart’s website, a position was advertised in August to build “the digital currency strategy and product roadmap,” as well as identify “crypto-related investment and collaborations.”
The applications were among a flurry filed on Dec. 30, including three for a financial exchange for virtual currency and advertising under “Walmart Connect,” the company’s existing digital advertising business.
For shopping services, applications were also made for “Verse to Store,” “Verse to Curb,” and “Verse to Home.” It’s also looking for trademarks to use the Walmart name and “fireworks” emblem in virtual and augmented reality healthcare services and education.
“Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” the company responded in an emailed statement. “We don’t have anything further to share today, but it’s worth noting we routinely file trademark applications as part of the innovation process.”
All of the applications were filed indicating that the company intends to use them but has not yet begun doing so. The trademarks wouldn’t be registered until they are in actual use.
Conclusion
In September, a high-profile hoax about Walmart’s cryptocurrency plans triggered a brief rally in Litecoin, a relatively unknown cryptocurrency. Walmart would begin accepting Litecoin payments, according to the false news release.
Despite this, Walmart has continued to research and develop expertise in this area. The Bentonville, Arkansas-based retailer began a test program in October in which customers can purchase Bitcoin through Coinstar kiosks in certain U.S. stores.
Coinstar, which is known for its devices that allow users to exchange U.S. coins for paper money or gift cards, participated in the trial.
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