Walmart might be looking to enter the Metaverse space, according to patent filings that were made in December. Details are scarce, but the company may implement a virtual currency and non-fungible tokens (NFTs) to facilitate the initiative.
Walmart is the next major company that looks as if it will enter the Metaverse, according to multiple new trademarks filed in Dec. 2021 with the U.S. Patent and Trademark Office. The trademarks relate to the selling of virtual goods of various kinds. That includes the implementation of a virtual currency and NFTs.
Brands in the Metaverse
The arrival of a major chain like Walmart into the Metaverse highlights the fervor surrounding the space right now. Companies like Meta and Microsoft are also allocating resources towards the new virtual world, which looks like it will take the world by storm this decade. The potential of NFTs and the Metaverse for major brands is obvious. It is an effective way to increase user engagement and create experiences surrounding the particular company’s offerings. NFTs allow companies to retain ownership and brand identity over their intellectual properties, while also generating revenue.
Walmart has flirted with the idea of cryptocurrencies and blockchain technology in the past. It has been adamant that some of its experiments remain just that – experiments. But successful pilots might lead to full-scale deployment. The Metaverse took the world by storm in 2021, and by all indicators, it appears that 2022 will be even more of a stellar year for the niche. Several existing virtual worlds, like Decentraland and The Sandbox, look prime for major releases, while offerings by established tech firms also look like they will see some announcements.
The Metaverse is still a very new space, but that hasn’t stopped it from spreading like wildfire through both the crypto space and outside. The overall vision is somewhat clear – a virtual world where individuals can interact with each other, celebrities, and famous brands and IPs. However, the short-term milestones are somewhat hazy, with Metaverse projects on various networks taking on different immediate objectives.
For example, one prominent theme currently is the ability to buy virtual land. Players can sometimes earn from owning these virtual plots of land and have the bragging rights of being “neighbors” to special areas or celebrities. The capacity for this virtual world to interact with various NFTs also adds to the excitement. It’s not without reason that major tech firms are pouring resources into this space, but it remains to be seen if it succeeds alongside completely decentralized projects.