Walmart plans to enter Metaverse space, roll out its own cryptocurrency, NFTs

Retail giant Walmart has plans to roll out its own non-fungible tokens (NFTs) and cryptocurrency

The retailer filed seven separate applications to the US Patent and Trademark Office on December 30, 2021. The applications indicate Walmart’s intent to make and sell virtual goods including electronics, home decorations, sporting goods, toys and personal care products. In a separate filing, the company has said it would offer users virtual currency and NFTs.

“We are continuously exploring how emerging technologies may shape future shopping experiences,” according to Walmart statement.

“We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from,”the statement said.

The trademark application also implies possible "physical fitness training services" and "classes in the field of health and nutrition" in VR/AR environments.

“We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from,” said the company.

Walmart is not the only company flirting with the idea of metaverse. Recently, Nike announced plans to introduce NFTs and virtual sneakers. Adidas sold more than USD 22 million in NFTs in December. Gap has also started selling NFTs of its logo sweatshirts. Louis Vuitton and Balenciaga have also entered the Metaverse last month.

The market for transactions in the Metaverse is expected to reach USD 6.1 billion in 2022. And companies like Meta (formerly Facebook) is betting big on VR/AR-based technology to bring immersive experiences to billions in the future. Meta has committed over USD 10 billion to build out its vision for Metaverse.

Research firm Strategy Analytics has forecasted the global Metaverse market to hit USD  42 billion by 2026.