Tuesday, August 16, 2022
Homeecommerce marketplaceWalmart creates cryptocurrency to enter Metaverse

Walmart creates cryptocurrency to enter Metaverse

Walmart is all ready to enter the world of Metaverse. It will create its own cryptocurrency and NFTs. It recently filed new trademarks. It intends to spread its wings by selling home decorations to electronics. It will offer the shopper virtual currency to buy products.

It will also feature selling sporting goods & personal care products. It filed the application on December 30, 2021. Walmart notified that “continuously exploring how emerging technologies may shape future shopping experiences. It declined to comment on the specific trademark filings.”

It intends to test all the ideas to grow the company. The great idea becomes the product or service. Walmart will test, iterate and learn from all of it.

The trademark attorney, Josh Gerben, notices that Walmart is preparing many things off-screen. The greatest thing to address now is cryptocurrency. Also, how they will function the process into the Metaverse. It looks like Walmart is ready to become a part of the virtual world.

With Facebook announcing the change of the company’s name to Meta, all the others hyped to the virtual world.

Similarly, Nike also filed the trademark application for virtual sneakers and apparel. It teamed up with Roblox. It aims to create Nikeland. It also brings in the RTFKT, a virtual sneaker company.

Every other business is shifting to accept all virtual parameters. GAP, an apparel maker, sold NFTs of its logo sweatshirts. The NFTs pricing falls between $8.30 to $415. It comes with a physical hoodie.

Adidas and Under Armour were successful in selling their debut NFTs. Now, they set high prices on the NFT marketplace OpenSea. These ventures will open new revenue streams.

NFTs let the retailers tokenize their products. Luxury Brands like Gucci and Louis Vuitton serve the most authentic NFTs.

Retailers are planning to create their own ecosystem. The ecosystem will function on the blockchain. Customers are slowly and steadily shifting to the virtual world. It will provide a win-win for both retailers and buyers.

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