Key Takeaways
- Retail gaint has filed for 7 trademark patterns with plans to create and issue a cryptocurrency
- According to the data by US Trademarks Registrations Office, Walmart has Metaverse and NFT plans
- Last year a fake news about Walmart accepting Litecoin (LTC) payments sent the prices rocketing
YEREVAN (CoinChapter.com) — American retail giant Walmart is taking a plunge into cryptocurrencies, NFTs, and the Metaverse. According to news reports, the giant store chain has filed for 7 trademarks with The United States Patent and Trademark Office (USPTO) to begin trading in the metaverse.
As per an initial report by CNBC, Walmart plans to make an online retail store that will sell virtual merchandise, including electronics, furniture, home decor, toys, sporting goods, books, jewelry, pet products, and personal care products.
According to the US Patent and Trademark Office, Walmart applied for the trademarks on December 30.
Walmart also plans to create a platform to trade in cryptocurrencies and nonfungible tokens (NFT).
“ONLINE MARKETPLACE SERVICES, namely, PROVIDING AN ONLINE MARKETPLACE FOR BUYERS AND SELLERS OF DIGITAL CURRENCY ASSETS; PROVIDING AN ONLINE MARKETPLACE FOR BUYERS AND SELLERS OF DOWNLOADABLE AND NON-DOWNLOADABLE ART, MUSIC, DOCUMENTS, SOUNDS, GAMES, AND IMAGES AUTHENTICATED BY NON-FUNGIBLE TOKENS (NFTS),”
the filing reads.
A separate filing record also indicates Walmart plans to release software to facilitate cryptocurrency payments and trade. The company also plans to issue digital and physical cryptocurrency wallets to store digital assets.
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Why does Walmart’s Metaverse entry matter?
Walmart is the largest company in the world by revenue, ahead of the likes of Amazon and Apple. The retail giant’s revenue reaches $572 billion, according to CompaniesMarketCap. By joining the Metaverse and issuing cryptocurrency and NFT services, Walmart is joining the list of major companies catching up with the new technology.
Last month, Addidas joined the Metaverse through NFTs in partnership with the Bored Ape Yacht Club (BAYC). Other major names that have joined the space include Facebook, NIKE, and Under Armor.
In September last year, CNBC published a fake news report claiming Walmart would accept Litecoin (LTC) payments. The retail company denied the news later. However, the fake press release sent the price of LTC skyrocketing. In the first hour, Litecoin rallied 30% before tumbling back down.
The incident is indicative of the impact Walmart can have on the industry. Although the recent news does not say anything about Litcoin, LTC has still rallied 5% since the news broke out.
“There is a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, the metaverse and the virtual world,”
Josh Gerben, a trademark attorney of Gerber Intelectual Property said about Walmart’s filing.
Last year, Walmart had also installed hundreds of Bitcoin (BTC) ATMs in its various stores in the United States.
