Friday, June 9, 2023

NFT: Walmart Enters The Metaverse Covertly


There have been rumors that Walmart plans to create its own cryptocurrency and non-fungible tokens (NFTs) in the metaverse.

Walmert Filed Applications

Walmart trademarked virtual goods like electronics, home decor, toys, sporting goods, and personal care products late last month. Users would be able to use a virtual currency and NFTs, the business stated in a separate filing.

Walmart reportedly filed the applications on December 30th, according to the USPTO (PTO).

There has been a total of seven applications.

Continuously examining how emerging technologies may affect future shopping experiences, Walmart said in a statement. On the individual trademark filings, the company refused to comment.

Josh Gerben, a trademark attorney, described them as very intense. There is much planning behind the scenes regarding cryptocurrency, the metaverse, and the virtual world that seems or already exists.

Businesses have been attempting to figure out how to fit into the virtual world since Facebook announced it was rebranding itself Meta to reflect its aspirations beyond social networking.

Trademark Applications of Other Big Brands

This is evident in the number of trademark applications that Nike has filed for virtual reproductions of its products. Later in the month, Nike announced a partnership with Roblox to create Nikeland. It purchased RTFKT (pronounced “artifact”), a virtual sneaker startup, for an unknown sum in December.

All of a sudden, they need to make sure that there is a safeguard for our intellectual property, Gerben added.

The retailer is also selling NFTs of Gap’s trademark logo sweatshirts. The fashion label says NFTs will range from $8.30 to $415 and feature a tangible sweater.

Throughout the meantime, both Under Armour and Adidas’ NFT debuts sold out in the month of September. OpenSea, the NFT marketplace, is now charging exorbitant amounts for them.

In addition, Gerben stated that retailers including Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch recently registered trademarks for virtual stores.

A CB Insight report discussed these ventures, providing new revenue streams.

NFTs allow firms to tokenize physical goods and services in order to cut online transaction costs.  According to CB Insights, NFTs can authenticate more physical goods for premium brands like Gucci and Louis Vuitton.

Furthermore, aware of the metaverse and its goods, Günther projected that more retailers would want to build their blockchain-based ecosystems.

According to The Block’s Frank Chaparro, Retailers are still feeling the impact of being late to e-commerce.

According to Chaparro, it is a win-win for any retail organization. Even if it becomes a norm, such as giving some customers an NFT in a sweepstake, there is no harm to the company’s reputation.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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