Another giant quietly entered the "meta universe"! Wal Mart plans to create its own cryptocurrency and NFT

Published on 1/17/2022   590 views   0 Comments  

Source:Financial Association

Editor Huang Junzhi

Retail giant Walmart seems to be preparing to enter the "meta universe" and plans to create its own cryptocurrency and NFT (non homogeneous token).

It is reported that the large retailer applied for several new trademarks at the end of last month, indicating its intention to manufacture and sell virtual goods, including electronic products, home decoration, toys, sporting goods and personal care products. In another document, the company said it would provide users with virtual currency and NFT.

According to the U.S. patent and Trademark Office, Wal Mart filed an application on December 30 last year. A total of seven separate applications were submitted. Wal Mart said in a statement that it was "continuing to explore how emerging technologies shape the future shopping experience". The company declined to comment on specific trademark applications.

"We've been testing new ideas," the company said. "Some ideas will become products or services and eventually reach customers. Some we will test, iterate and learn from."

Many companies plan to integrate into the virtual world

Trademark lawyer Josh Gerben said that since Facebook announced that it would change its company name to meta to show its ambition to surpass social media, many enterprises have been eager to figure out how to integrate into the virtual world.

Nike filed a series of trademark applications in early November, which foreshadowed its plans to sell virtual brand sports shoes and clothing. Later that month, the company said it would work with roblox to create an online world called nikeland. Last December, it also acquired rtfkt, a virtual sneaker company, but did not disclose the amount of acquisition.

"All of a sudden, everyone felt, 'this has become very realistic and we need to ensure that our IP is protected in this area,'" Gerben said

Gap also began selling NFT sweatshirts with its iconic logo. The clothing manufacturer said its NFT was priced from about $8.30 to $415 and was equipped with a physical Hoodie. Meanwhile, the new NFT series launched by under armour and Adidas last month have been sold out. They are now very expensive in the non functional game market opensea.

Gerben said that clothing retailers Urban Outfitters, Ralph Lauren and Abercrombie & amp; Fitch has also filed a trademark application in recent weeks, detailing their intention to open a virtual store.

A report by CB insights, a market research firm, outlines some of the reasons why retailers and brands may want to make such investments, which may provide new sources of revenue.

The company said that the launch of NFTs allows enterprises to tokenize physical products and services to help reduce online transaction costs. CB insights points out that for luxury brands such as Gucci and Louis Vuitton, NFTs can be used as a form of certification for tangible and more expensive goods.

Gerben said that as more and more consumers become familiar with the metauniverse and commodities stored on the blockchain, more retailers will want to create their own ecosystem around the blockchain.

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