After adidas and Nike & Co.: Leap into the Metaverse: Walmart Possibly Planning Its Cryptocurrency and NFTs | newsletter

Walmart stores the applications with the United States Patent and Trademark Office
An online market for digital goods is planned

The US retail giant appears to be preparing to launch its own cryptocurrency and NFT suite

Companies move to the Metaverse

In November, US sporting goods manufacturer Nike announced a partnership with online gaming platform Roblox. With ‘NIKELAND’, the company has ‘a tailor-made world against the backdrop of its global headquarters [] “Created in the immersive 3D space of Roblox,” Nike said in a press release, it builds on its goal of “making sport and play a lifestyle.” At NIKELAND, users can customize their avatar using proprietary Nike products that the company has also boosted by acquiring RTFKT studios specializing in virtual products and NFTs.

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In addition, adidas already confirmed its collaboration with Bored Ape Yacht Club, NFT Comics PUNKS Comic, crypto investor and collector NFT gmoney at the beginning of December, thus daring to jump into the virtual world to equip the characters there with their own. Clothing.

American apparel manufacturer Gap also recently introduced the first of its popular NFT logo sweatshirts on the Tezos blockchain, according to The Street, which range in price from $8.30 to $415 and include a hoodie in a limited-edition collectible.

Walmart: Blockchain, Crypto, NFTS, and Metaverse

Now the US retail giant Walmart wants to hack the Metaverse, while the company has been dealing with new technologies such as blockchain and cryptocurrency for some time. But even if a lot of people are directly thinking about cryptocurrencies like Bitcoin, Ether & Co. When they hear the term blockchain, blockchain technology goes beyond cryptocurrencies and is used in Walmart’s supply chain. However, the US retail giant is also active in the cryptocurrency space. According to Reuters, Walmart announced in October that customers will be able to purchase Bitcoin in some US stores with ATMs installed by Coinstar. The project started with 200 machines. According to t3n, Walmart wants to build up to 8,000 Bitcoin devices at its branches.

Now, it appears that Walmart is planning to create its own cryptocurrency and NFT pool to venture into the Metaverse. The company filed several new trademarks with the United States Patent and Trademark Office (USPTO) in late December 2021. As CNBC reported, seven individual applications have been filed with the United States Patent and Trademark Office. In one of those filings, Walmart announced its intention to “manufacture and sell virtual goods,” according to CNBC. In its application, the company writes about “providing an online marketplace for buyers and sellers of downloadable digital goods validated by non-fungible tokens (NFTs)”. Products such as electronics, indoor and outdoor furniture, toys, sporting goods, apparel, video games, books and much more will be available at the virtual retail store. Another submission relates to offering a virtual currency. Walmart writes in its application that, among other things, “the provision of virtual currency for use by members of an online community over a global computer network”, the exchange of financial virtual currencies in the field of non-fungible tokens (NFTs); Financial Transaction Services Related to Cryptocurrencies, Non-Foldable Tokens (NFTs) and Blockchain Technology.”

As CNBC reported, Walmart declined to comment on specific trademark filings. The company only stated that it is “constantly studying how new technologies can shape future shopping experiences” and that it is “constantly testing new ideas”. “Some ideas become products or services that resonate with customers. Some test them, iterate them, and learn from them,” Walmart was quoted as saying by CNBC.

Corporate opportunity

“They’re pretty intense,” trademark attorney Josh Gerbin told CNBC of Walmart’s introduction. “There is a lot of language out there, which shows that there is a lot of planning going on behind the scenes about how they will approach cryptocurrency, how they will deal with the metaverse and the virtual world that appears to be coming or already in place.” The trademark attorney sees many companies looking into the virtual world since Facebook announced that it will change its name to Meta. “All of a sudden everyone is saying, ‘This is getting more and more real and we have to make sure our IP address is protected in the room,'” says Gerbin.

According to a report by CB Insights, according to CNBC, the introduction of NFTs allows companies to code physical products and services to reduce online transaction costs. Additionally, according to CB Insights, NFTs can serve as a form of authentication for luxury brands of expensive materials and goods. As more consumers became familiar with the Metaverse and NFTs, Gerben says, more retailers wanted to create their own ecosystem.

According to CNBC, Frank Chaparro, director of crypto information services company The Block, believes that many retailers are behind when it comes to e-commerce and now don’t want to miss an opportunity in the Metaverse. “I think it’s a win-win situation for any retailer,” Chaparro said. “And even if it turns out to be a fad, just trying something weird like giving some customers an NFT in a sweepstakes doesn’t do much damage to reputation.”

finanzen.net editorial office

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