Walmart has filed 7 patent applications in the United States to take advantage of the potential and business opportunities of cryptocurrencies, NFTs and the Metaverse.
The American retail and warehouse corporation Walmart, which is listed on the stock exchange, wants to take advantage of the value and business opportunities offered by new technologies, such as NFTs and the Metaverse. This is what the multinational has revealed through the applications of patents it filed with the United States Patent and Trademark Office (USPTO) last month.
In total, Walmart filed 7 patent applications to create its own cryptocurrency, launch digital crypto-collectibles in NFT format and enter the Metaverse.
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Walmart, cryptocurrencies, NFTs and the Metaverse
While some large chains are still hesitant about the potential of cryptocurrencies and blockchain, others like Walmart want to take full advantage of all the benefits and advantages that these can offer to expand their businesses. The multinational retailer informed the United States Patent and Trademark Office that it is exploring the possibility of providing new services to its users through its own digital currency. Walmart also reported that it wants to create new virtual products that will allow it to offer greater value and utility to its community.
Walmart's initiatives aim to take its business model into the next frontier of the Metaverse, which will have a major impact in the coming years. CNBC news agency quoted a Walmart statement in which the company reveals that it is “continuously exploring how emerging technologies can shape future shopping experiences.” Although Walmart executives have not communicated anything official so far, patent applications with the USPTO reveal the company’s future plans.
Cryptocurrency and NFT issuance
Walmart's separate patent applications include the creation and issuance of a digital currency; the provision of financial services, transactions and payments with cryptocurrencies; and the issuance of digital tokens in NFT format exclusively for users and consumers of the chain of stores.
Metaverses and virtual stores
The company also wants to create online services that allow it to offer its users virtual merchandise; ranging from electronics to appliances, furniture, home decor, garden, toys, sporting goods, personal care items and much more. Video games and music are also included in Walmart's patent application for offering virtual retail services.
On the other hand, the multinational retailer is patenting the use of its brand and logo within Virtual Reality (VR) and Augmented Reality (AR) platforms.
Digital Wallet Management
Another of the patents filed by Walmart includes the creation and use of downloadable software for managing digital wallets for cryptocurrencies. Apparently, and according to the document, this software will have the ability to manage cryptocurrencies and digital assets based on blockchain, such as tokenized assets, utility tokens, and NFTs.
Walmart anticipated its plans
Given the elaborate and extensive patent applications filed by Walmart, trademark attorney Josh Gerben commented that “There is a lot of planning behind the scenes on how they are going to approach cryptocurrency, how they are going to approach the metaverse and the virtual world”For Gerben, NFTs and the Metaverse can help retailers reduce their operating expenses and create new revenue streams by developing digital products that can easily reach millions of users. Furthermore, thanks to their attributes, NFTs help represent and guarantee digital ownership over exclusive objects or items.
Last year, the multinational took important steps to embrace new technologies and cryptocurrencies. Walmart has been making use of blockchain to transparently and reliably manage its supply chain. It also facilitated cryptocurrency payments and transactions with the installation of 200 ATMs in its stores. In 2020, the multinational had also launched a blockchain program to help companies to access cryptocurrency. refunds in cryptocurrencies that it held for a few months. Then, in January of last year, the company full to the pilot tests of the CBDC China, the DCEP or digital yuan, made by the People's Bank of China (PboC). In August, published a job offer to hire a technology and cryptocurrency expert to help develop an innovative digital currency strategy.
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