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The retail giant Walmart recently submitted a total of seven patent filings related to the NFT sector and the metaverse. The move has led the crypto community to suspect that the company may soon make a move to enter this space, or at least announce it in the near future.
According to a recent report, the patents were filed with the United States Patent and Trademark Office on December 30th, 2021. However, they remained unnoticed until Sunday, January 16th, 2022.
Three of the seven patent applications were filed under the retailer’s existing advertising division “Walmart Connect.” The applications describe the company’s plans to become more engaged with the crypto industry and blockchain products. Walmart is allegedly planning to create and sell virtual goods, including toys, electronics, various appliances, apparel, as well as home decor.
The plans also mention “digital token,” “digital currency,” and buying and selling non-fungible tokens (NFTs). Another application also suggests that the company has plans to trademark its brand name and logo in virtual and augmented reality — VR and AR — as well as the possibility of introducing “physical fitness training services” in AR and VR.
Walmart has shown interest in the digital currency industry before, particularly in the metaverse. Last year in August, the company announced that it is searching for a “digital currency and crypto product lead,” who would drive its cryptocurrency strategy. It is unclear whether the firm hired someone to fill in the position, but the job listing has since been removed.
Following that, in October 2021, Walmart announced a partnership with Coinstar and Coinme. Coinstar is a known cryptocurrency ATM firm, while Coinme is a crypto-cash exchange service. The partnerships were established to install 200 Bitcoin ATMs in Walmart stores throughout the US.
The company had developed an interest in blockchain technology even before that, in 2018. Back then, it started using it for supply chain management, smart appliances, and customer marketplaces.
With the growth of the metaverse trend — and Morgan Stanley’s assessment that it could grow to be an $8 trillion-large opportunity for investors — Walmart seemingly decided to become an early mover and join the growing sector.