“Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of NFTs,” reports CNBC.
“The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods. In a separate filing, the company said it would offer users a virtual currency, as well as non-fungible tokens, or NFTs.”
According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30. In total, seven separate applications have been submitted…. “They’re super intense,” said Josh Gerben, a trademark attorney. “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here….”
[B]oth Under Armour’s and Adidas’ NFT debuts sold out last month. They’re now fetching sky-high prices on the NFT marketplace OpenSea. Gerben said that apparel retailers Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have also filed trademarks in recent weeks detailing their intent to open some sort of virtual store…. According to Frank Chaparro, director at crypto information services firm The Block, many retailers are still reeling from being late to e-commerce, so they don’t want to miss out on any opportunities in the metaverse. “I think it’s a win-win for any company in retail,” Chaparro said. “And even if it just turns out to be a fad there’s not a lot of reputation damage in just trying something weird out like giving some customers an NFT in a sweepstake, for instance.”
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