Walmart To Launch Its Own Cryptocurrency And NFTs, Indicates Patent Application

Walmart, Cryptocurrency, NFT

A trademark application filed recently by the retail giant Walmart has revealed that the largest grocery chain in the world is planning to issue its own cryptocurrency and non-fungible tokens (NFTs).

According to reports, the company has applied for trademark protection for virtual products in the metaverse.

Reports based on information from Walmart’s new trademark filings indicate the company wants to create and sell virtual products – including electronics, home decorations, toys, and personal care products.

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The company had filed for the patent on December 30, according to the United States Patent and Trademark Office.

The company is “continuously exploring how emerging technologies may shape future shopping experiences,” Walmart said in a statement about the patent application

Behind the scenes at Walmart, there is a lot of activities that are going on about how the company will adopt and adapt to the world of cryptocurrency and the metaverse, said Josh Gerben, a trademark attorney.

Bitcoin ATMs were started in some of its stores in the United States by Walmart in October 2021.

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This news from the company also comes after the controversial fake press release that went into circulation in September which suggested that Walmart had planned to accept Litecoin – which pushed up the price of the altcoin.

Later the retail giant confirmed that the announcement was fake.

An NFT is a digital asset that records who owns a digital property such as an image, video, or in-game item using blockchain technology. While everyone can look at the asset, only the buyer can claim to be the “official” owner.

Walmart registered at least seven trademarks in late December 2021, according to a CNBC report, indicating the retailer’s desire to both produce and sell virtual items, while another registration indicated that the corporation will be giving users cryptocurrencies and NFTs. Walmart might introduce “financial services, such as supplying a digital currency and a digital token of worth for use by members of an online community via a global computer network,” according to the documents.

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Walmart customers are more likely to hold the major cryptocurrency compared to the average American, showed a new survey released by Morning Consult.

Businesses have been rushing to figure out how to integrate into a virtual world since Facebook changed its name to Meta, according to Gerben. Businesses have been able to tokenize tangible products and services, which can also serve as a kind of verification for commodities, thanks to NFTs.

Adidas, Nike, Gap, and a slew of other well-known brands have begun selling NFTs and have indicated plans to construct virtual environments. Adidas Originals made $23.5 million by selling 30,000 of its “Into the Metaverse” NFTs in just a few hours after they went on sale a few weeks ago.

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