Retail giant Walmart seems to be preparing to enter the "meta-universe" space and plans to create its own cryptocurrency and NFT (non-homogeneous token).
The large retailer reportedly filed several new trademarks late last month, indicating its intention to manufacture and sell virtual goods, including electronics, home décor, toys, sporting goods and personal care products. In a separate filing, the company said it would offer virtual currencies and NFTs to users.
According to the U.S. Patent and Trademark Office, Walmart filed an application on December 30 last year. A total of seven separate applications were filed. Walmart said in a statement that it is "continuing to explore how emerging technologies are shaping the shopping experience of the future." The company declined to comment on specific trademark applications.
"We're always testing new ideas," the company said. "Some ideas turn into products or services that end up in the hands of customers. Some of them test, iterate on, and learn from them. ”
Several companies plan to integrate into the virtual world
Trademark attorney Josh Gerben said that since Facebook announced changing its company name to Meta to show its ambitions to go beyond social media, numerous businesses have been rushing to figure out how to fit into the virtual world.
Nike filed a series of trademark applications in early November that portended its plans to sell virtual branded sneakers and apparel. Later that month, the company said it would work with Roblox to create an online world called Nikeland. Last December, it also acquired virtual sneaker company RFKT, but did not disclose the amount of the acquisition.
"All of a sudden, everybody was like, 'This is becoming very realistic and we need to make sure that our IP is protected in this area,'" Gerben said. ”
Gap also started selling NFTs with sweatshirts with its iconic logo. The clothing maker says its NFTs range from about $8.30 to $415 and come with physical hoodies. Meanwhile, both Under Armour and Adidas launched their new NFT series last month. They are now extremely expensive on openSea, a non-functional gaming market.
Gerben said clothing retailers Urban Outfitters, Ralph Lauren and Abercrombie & Fitch have also filed trademark applications in recent weeks detailing their intentions to open some sort of virtual store.
A report by market research firm CB Insights outlines some of the reasons why retailers and brands may want to make such investments that could provide new revenue streams.
The company said the launch of NFTs allows businesses to tokenize physical products and services to help reduce online transaction costs. CB Insights notes that for luxury brands such as Gucci and Louis Vuitton, NFTs can serve as a form of certification for tangible and more expensive goods.
Gerben said that as more consumers become familiar with the metacosm and goods stored on the blockchain, more retailers will want to create their own ecosystems around the blockchain.