Walmart could be jumping on the metaverse bandwagon, according to patent filings submitted in December last year. While the word is not out there yet, the retail giant may throw into the mix a cryptocurrency of its own and NFTs to aid its metaverse ambitions.
Walmart is likely to be the latest major player to set sight on the metaverse, according to a variety of new trademarks filed with the US Patent and Trademark Office in December 2021. The trademarks are associated with the business of virtual goods and assets — NFTs and a virtual currency.
Walmart’s appearance on the horizon of the metaverse demonstrates the current level of interest in the domain. Meta and Microsoft, for example, are dedicating resources to the new virtual realm that looks set to rock our world.
Big players appear to have sensed the potential of NFTs and the metaverse quite appropriately. It’s a smart way to increase user engagement and build lasting interactions around a company’s offerings. Besides being another revenue stream, NFTs enable companies to maintain control over their intellectual property and brand identity.
Walmart has experimented with cryptocurrencies and blockchain in the past. It has been confidential on of some of its pilots. Successful trials, however, may see deployments.
In 2021, the world talked up the metaverse, and all signs point to 2022 being poised to be the biggest year for the phenomenon. Many metaverse worlds, such as Decentraland and The Sandbox, appear to be on the verge of major announcements, as do ones from top tech giants.
The role of NFTs in the virtual realm makes everything more exciting. While big technology companies are spending extensively in this growing sector, only time will tell how it fares against completely decentralised projects.