According to US Patent and Trademark Office documents, Walmart may be building its own cryptocurrency and non-fungible tokens.
The retail behemoth would be the latest corporate actor to enter the metaverse, or developing industry of virtual worlds. This may involve giving NFTs as part of virtual, metaverse experiences, using Walmart tokens as payment.
Walmart’s aspirations to expand into digital assets and virtual experiences were revealed in three patent applications on December 30.
This includes a Walmart virtual currency and cryptocurrency trading services leveraging blockchain technology. A separate USPTO application outlines downloading software for e-commerce, augmented reality, and managing cryptocurrency portfolios.
A virtual reality game or online retail business with a marketplace of digital items validated by NFTs is also described. The commodities might include everything from household appliances to recreational goods, cosmetic products, patio furniture, and musical instruments.
According to a Walmart spokeswoman, the firm is always looking into how new technology may impact future purchases. It’s worth remembering that trademark applications are often filed as part of the invention process.
On January 17, Walmart stock was closed for the Martin Luther King Jr. holiday. The stock has gained 0.3 percent so far in 2022, while the S&P 500 has lost 2.8 percent.
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