Walmart Plans to Create Cryptocurrency and NFTs: Report

Retail giant Walmart is planning to create its own cryptocurrency and collections of non-fungible tokens, filings with the U.S. Patent and Trademark Office shows. On December 30, the retailer filed for several trademarks, revealing plans to start selling virtual goods, including electronics, toys, appliances, sporting equipment, apparel, home decor, and more. In another separate filing, the company detailed the possible ‘physical fitness training services’ and ‘classes in the field of health and nutrition’ that could take place in augmented reality (AR) and virtual reality (VR) environments. Commenting on the development, Gerben Law Firm founder Josh Gerben told CNBC: “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.” In August 2021, Walmart posted a job listing for a cryptocurrency product specialist. Two months later, the company announced hosting Bitcoin ATMs across some of its stores in the United States. After Facebook rebranded itself to Meta and signaled an intention to foster into the metaverse, there has been a rush among major brands to enter the space with currencies, NFTs, or both. For instance, Nike last year sought a trademark on its downloadable virtual goods, including footwear, virtual sneakers, clothing, accessories, and retail store services featuring virtual goods. Another footwear giant Adidas too cashed out on NFTs and sold out it’s Into the Metaverse NFT collection for millions. Recently, clothing retailer Gap also announced offering NFTs for its hoodies.

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