Walmart prepares to make own cryptocurrency and NFT

Walmart Inc (NYSE:WMT) is preparing to make its own cryptocurrencies, non-fungible tokens (NFTs), and enter the metaverse, according to patents filed in the US.

Documents filed by the US retail giant in December with the US Patent and Trademark Office (USPTO) suggest it is hoping to make its own digital currency, stating it may launch “financial services, namely, providing a digital currency and a digital token of value for use by members of an online community via a global computer network”.

The world’s biggest company by revenue filed seven trademarks last month that indicates its intent to make and sell virtual goods in the metaverse, as well as offering NFTs, CNBC reported on Monday.

The company filed to use its name and logo in augmented reality (AR) and virtual reality (VR), while a Bloomberg article said that filing for names like ‘verse to home’ and ‘verse to store’ is a good indicator of its intent to make a virtual shopping experience for its customers in the metaverse.

Walmart declined to comment but told reporters that it is “continuously exploring how emerging technologies” may impact the business.

Other trademark applications made by the company referred to plans for “physical fitness training services”, as well as health and nutrition classes, and suggest it could soon make software to be used in e-commerce marketplaces and for fund transfers, blockchain, and crypto-related uses, according to reports on The Verge and Gadgets 360.

Story by ProactiveInvestors