Walmart has now officially started making its move into the crypto space. The retail giant was in the middle of a widespread rumor late last year that said it had begun accepting crypto payments in Litecoin. However, Walmart had come forward to discount the rumor, clarifying that it was not accepting the cryptocurrency for payments.
This did not mean that the supermarket chain was completely opposed to the crypt space though. According to patent filings that were made public over the weekend, the retailer is moving to launch its own cryptocurrency and NFTs, solidifying its move into the metaverse and the crypto space at large.
Setting Up In The Metaverse
Given how much the metaverse has grown in recent times, both individuals and companies have moved to have virtual versions of their businesses in the metaverse. This is basically what Walmart is doing. The retail chain filed a number of patents (seven) that included one for an online retail store where the retailer would offer virtual merchandise. These would be virtual versions of merchandise already sold by the chain, including electronics, furniture, toys, household products, etc.
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For the company, it’s important to test these new ideas and explore the opportunities that these new spaces may hold. “We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from,” Walmart said in a statement.
Additionally, the company also plans to trademark its name and logo in virtual and augmented reality.
These patents which were filed less than a month ago clearly outline Walmart’s mission to be an established brand in the metaverse space.
Walmart Developing Its Own Crypto
Walmart’s crypto strategy does not solely end on the metaverse. It is also planning to launch its own cryptocurrency which would be used by customers to pay for purchases online.
“Financial services, namely, providing a digital currency and a digital token of value for use by members on an online community via a global computer network,” the patent filing read.
Furthermore, Walmart will also e-wallet services where uses will be able to store their digital assets, as well as manage their portfolios, was mentioned in the filing.
Walmart’s crypto strategy has been apparent since last year when it posted an ad seeking a crypto expert to spearhead its crypto push back in August. Additionally, Walmart had partnered with Coinstar and Coinme to install 200 Bitcoin ATMs in Walmart physical stores across the US.
With its new push, the supermarket chain will be able to offer crypto payments and NFTs to its customers.
Crypto total market cap at $2.02 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Britannica, chart from TradingView.com