Everyone is seemingly getting involved in the metaverse, and the largest retail store chain in America does not want to be left out of the movement. Walmart appears as if it will be creating its own cryptocurrency in the near future, as well as getting involved in the NFT (or non-fungible token) game.
This is based on the retail giant filing an application to the U.S. Patent and Trademark Office to feature various virtual goods and services on its online store, including sporting goods, personal care items, electronics, and more. There was also a separate filing in which Walmart claimed that they would be soon releasing NFTs and a cryptocurrency.
Walmart says that its goal as a company is “continuously exploring how emerging technologies may shape future shopping experiences” while not getting too much further into specifics.
Walmart, while an important addition to the metaverse, would be far from the first major corporation to get involved. Competitive retailers in the sporting goods market, such as Adidas, Under Armour, and Nike entered the market last month with great success, with NFT debuts selling out extremely quickly.
Walmart, however, figures to bring a different face to this type of scene due to their sheer versatility as a corporation and a brand. There are several potential reasons for a company to want to get involved with NFTs.
Although many claim this to be a fad that will soon wear out and even damage creators of them, proponents of NFTs will point to their ability to act as a badge of authentication for owning physical products. Another aspect to consider is the lower cost of online purchases. With a company as influential as Walmart finally getting involved, we shall soon see a good example of whether NFTs can be successful or not.
