Walmart drawing up plans to enter metaverse, create cryptocurrency
Jan. 16, 2022 10:05 PM ETWalmart Inc. (WMT)By: Joshua Fineman, SA News Editor64 Comments
- Walmart (NYSE:WMT) appears to looking to enter the metaverse after filing several trademarks to make and sell virtual goods.
- The retailer also filed applications to create its own cryptocurrency and non-fungible tokens, or NFTS, according to a CNBC report, which cited filings from the U.S. Patent and Trademark Office from late last year.
- “We are testing new ideas all the time,” Walmart said in a statement to CNBC. "Some ideas become products or services that make it to customers. And some we test, iterate, and learn from."
- Walmart joins Gap (NYSE:GPS), which last week became the latest retailer to make a move into NFTs, with a debut series of collectibles launching on the Tezos blockchain, according to Decrypt report. NFTs are seen as another way for brands to connect directly with consumers. Adidas and GameStop are also active in NFT projects.
- Walmart CFO CFO Brett Biggs last month said the retailer is open to accepting cryptocurrency, but doesn't see enough demand for it currently.
- Walmart (WMT) last year launched a pilot program that allows customers to purchase bitcoin (BTC-USD) through Coinstar kiosks at some of its stores, according to a Coindesk report from October.