Walmart Inc is preparing to create its own cryptocurrency and collection of non-fungible tokens (NFTs), filings with the US Patent and Trademark Office show, setting the stage for meeting its customers in the emerging metaverse.
The retailer last month sought several new trademarks that show it intends to make and sell virtual goods such as electronics, decor, toys, sporting goods and personal care products.
The applications, which were first reported by CNBC, represent a significant step for the retail giant as it studies how to participate in the metaverse, a virtual world that blends aspects of digital technologies.
Photo: Reuters
Walmart in August last year advertised a position to develop the “digital currency strategy and product roadmap,” while identifying “crypto-related investment and partnerships,” a job posting on the company’s Web site said.
The applications were among a flurry that the company filed on Dec. 30, including three under “Walmart Connect” — the name of the company’s existing digital advertising venture — for a financial exchange for virtual currency and advertising.
Applications also were filed for “Verse to Store,” “Verse to Curb” and “Verse to Home” for shopping services.
It is also seeking trademarks to apply the Walmart name and “fireworks” logo to healthcare services and education in virtual and augmented reality.
“Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” the company responded in an e-mailed statement. “We don’t have anything further to share today, but it’s worth noting we routinely file trademark applications as part of the innovation process.”
All of the applications were filed indicating that the company intends to use them, but has not yet begun doing so.
The trademarks would not be registered until they are in actual use.
The company’s cryptocurrency plans were the subject of a high-profile hoax in September last year, when a fake announcement caused a short-lived surge in litecoin, a relatively obscure cryptocurrency.
The fabricated news release said that Walmart would start letting its customers pay with litecoin.
In October, the Arkansas-based retailer started a pilot program in which shoppers can buy bitcoin at Coinstar kiosks in some of its stores.
The test with Coinstar, which is known for the machines that let customers exchange US coins for paper bills or gift cards, includes 200 kiosks in Walmart stores.
Early last month, Walmart chief financial officer Brett Biggs told an analyst conference that the company was open to allowing shoppers to pay in cryptocurrency if customers demand it, but the company did not see a need to rush out any capabilities.
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