Walmart the Latest Giant To Enter the NFT Metaverse Sector
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- In October, Walmart began offering Bitcoin ATMs at several of its shops.
- Adidas, Nike, Gap, and other well-known brands have begun selling NFTs.
Walmart, located in Bentonville, Arkansas, is preparing to enter the cryptocurrency and non-fungible token (NFT) markets, according to recent trademark filings that CNBC has examined. According to one of the papers, the world’s largest private employer aims to launch its cryptocurrency in the near future. Walmart is also preparing to enter the “metaverse” by seeking to secure trademark protection for various virtual goods, including electronics, skincare products, electronics, and other such items.
In October, Walmart began offering Bitcoin ATMs at several of its shops throughout the United States. This followed the company’s unintended involvement in a crypto pump-and-dump scam in September.
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As previously reported, fraudsters issued a fraudulent news release claiming that Walmart would take Litecoin, causing the price of the original cryptocurrency to momentarily surge until the retail giant publicly discredited the hoax statement.
Impact of Facebook Rebranding
It would not be surprising if Walmart ventured into the world of cryptocurrencies or non-fiat currency. Following Facebook’s rebranding as Meta and announcing its goal to encourage metaverses, big corporations have rushed to join the field with virtual money, non-fungible tokens (NFTs), or a combination of the two.
Adidas, Nike, Gap, and other well-known brands have begun selling NFTs and have hinted at plans to launch virtual shopping malls in the future. Walmart may not want to take the chance of being left behind if this trend continues, even if it is not in a rush to join the early adopters. The application was submitted on December 30th, according to the United States Patent and Trademark Office, by the retail giant.
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