According to filings with the United States Patent and Trademark Office, Walmart Inc. is preparing to launch its own cryptocurrency and collection of non-fungible tokens, paving the way for the company to meet its consumers in the growing metaverse.
Walmart, the retailing titan and the world’s largest corporation by revenue, appears to be ready to enter the crypto and non-fungible asset markets (NFTs). According to registration papers with the US Patent and Trademark Office (USPTO) in December 2021, the retail titan is also laying the groundwork for the introduction of its own cryptocurrency to compete with the likes of Bitcoin and Ether.
The retail giant stated it was “continuously exploring how emerging technologies may shape future shopping experiences […] 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.”
In the near future, whichever virtual world Walmart chooses to construct a shop in will drive up the price of its token while also being a major push for all stakeholders in the metaverse area. With the debut of its cryptocurrency, Walmart may possibly begin accepting Bitcoin in all of its US locations.
Walmart Chief Financial Officer Brett Biggs remarked at an analyst conference in early December that the business was open to allowing customers to pay in cryptocurrencies if they requested it, but that the company did not see a need to rush such capabilities out.