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Sam’s Club, a subsidiary of Walmart founded by Sam Walton himself, recently filed for several blockchain-related patents. While it isn’t entirely clear what the retail giant’s plans are, the trademarks all pertain to cryptocurrencies, non-fungible tokens, and virtual reality.
Walmart’s Entry Into Digital Assets
According to records available on the US Patent and Trademark Office website, Walmart filed for several new trademarks pertaining to blockchain services. The records numbered 97775159 and 97775152 are intended to enable the retail giant’s subsidiary Sam’s Club to offer numerous virtual goods.
These goods include toys, personal care products, sports goods, and home decorations. Additionally, the ambitious filings make mention of a digital currency and NFTs, as well as virtual and augmented reality healthcare and education. Lastly, the trademarks reveal plans for the launch of a wallet, and potentially other software aimed at organizing digital asset portfolios.
Walmart had shown interest in blockchain technology already in 2018 when it announced the launch of bulkcoinfor Sam’s Club members. Additionally, in early 2022, multiple outlets reported that the retail giant is preparing to enter the Metaverse as it filed for its first round of NFT-related trademarks already in late 2021.
Legacy Companies Readying for the End of the “Crypto Winter”
While the recent collapse of FTX reportedly brought institutional participation in cryptocurrencies to a record low, multiple large firms have either announced plans to enter, or have already entered the digital assets space. The companies with cryptocurrency trademarks or products come from a range of sectors and include financial giants like Fidelity, footwear behemoths like Nike, and music industry institutions like the WMG.
Nike, for example, has seen a great deal of success last year with its NFT store despite the “crypto winter” as the marketplace generated $185 million in revenue relatively quickly after its launch. The footwear firm was content enough with its performance that it announced the creation of its web3 platform in mid-November.
Fidelity, a firm that has maintained an interest in Bitcoin since at least 2014, expanded its presence in the space in 2022 when it included BTC in its 401(k) pension plan offering. Additionally, the investment giant rolled out commissionless Bitcoin trading in more than 30 US states and filed for more cryptocurrency, NFT, and metaverse-related trademarks at the very end of December.
The beginning of 2023 also saw major announcements on legacy companies planning to enter the digital asset space. In mid-January, the pet food maker Pedigree created an in-metaverse initiative aimed at boosting dog adoption in the physical world. Furthermore, it was recently reported that Amazon is working on its NFT and web3 gaming initiative with plans to announce it this April.
What could Walmart’s NFTs look like? Tell us what you think in the comments below.