Walmart
Walmart filed seven applications with the U.S. Patent and Trademark Office on Dec. 30, CNBC recently reported. Among them include applications for a "digital token of value," a crypto wallet, and an online retail store featuring virtual goods from nearly every sales category.
However, the applications only show Walmart's intent to develop these features and may not signal the retailer's definitive plans for the metaverse.
Walmart is "continuously exploring how emerging technologies may shape future shopping experiences," said the retailer in a statement, adding that "it's worth noting we routinely file trademark applications as part of the innovation process."
Walmart's filings also hint at health and education services that the retailer would offer in both virtual and augmented realities.
Meanwhile, part and parcel to Walmart's seemingly mounting metaverse push are the strides it's made in the field of cryptocurrency.
In August, Walmart advertised a position to develop its "digital currency strategy and product roadmap," according to its website. Since October, the retailer has also rolled out Coinstar Bitcoin ATMs at 200 locations.
Walmart's filings come as companies are increasingly trying to carve out their footprint in the emerging metaverse, especially in the wake of Facebook's
"All of a sudden, everyone is like, 'This is becoming super real, and we need to make sure our IP is protected in the space,'" he said. Gerben also noted that Urban Outfitters
Such spaces would likely feature virtual goods in the form of NFT's as brands increasingly set their focus on this emerging market, whose value could reach $6.1 billion in 2022.
In NFTs, brands, and retailers alike could find a whole new revenue stream, selling goods that don't have to be manufactured or shipped in virtual stores with near-zero overhead.
As such, Adidas
For instance, Adidas' first batch of NFTs released last month and quickly sold out. According to NFT exchange, OpenSea, transaction volume for Adidas branded NFTs has since reached a whopping $52 million.
For retailers like Walmart, a more immediate opportunity might lie in tokenizing their physical goods as NFTs to reduce online transaction costs, according to a report from CB Insights.
In short, Retailers don't want to miss out on the metaverse as they did with e-commerce, Frank Chaparro, director at crypto-information firm The Block, told CNBC.
"I think it's a win-win for any company in retail," Chaparro said. "And even if it just turns out to be a fad, there's not a lot of reputation damage in just trying something weird out like giving some customers an NFT in a sweepstake, for instance."
- 1.https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html
- 2.https://www.bloomberg.com/news/articles/2022-01-16/walmart-plans-to-create-cryptocurrency-and-nfts-cnbc-reports
- 3.https://medium.com/blockonomist/walmart-to-launch-its-own-crypto-and-nft-collection-c345a3ce4fed
- 4.https://www.cbinsights.com/research/nfts-brands-retailers-decentralized-commerce/