Walmart, Crocs, The Latest Big Name Brands to Explore NFTs

Walmart and Crocs are the latest high-profile brands to join the NFT and metaverse craze—both companies have recently filed trademark applications and plan to offer virtual goods, digital assets, and Non-Fungible Tokens (NFTs) in the near future.

Walmart is Dabbling in the Metaverse, Crocs Eyes NFTs

Walmart, the American multinational retail corporation, is ostensibly dipping into the metaverse with intentions to launch its collection of non-fungible tokens (NFTs), as well as “a digital currency and a digital token of value,” according to a U.S. Patent and Trademark Office filing made by Walmart on 30th December last year.

Reportedly, the company has submitted a total of seven filings since then. In one of the filings, the company detailed that it plans to make and sell virtual goods, including electronics, home decorations, sporting items, toys, and personal care products.

Meanwhile, Josh Gerben, a trademark attorney, told CNBC that the language used in the filings is quite rich, suggesting that Walmart might have big plans with NFTs and digital assets. He said:

“There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”

Crocs have also filed a trademark application involving NFTs. The application detailed that the trademark registration is intended to include “digital assets, digital collectibles, digital tokens” and NFTs. It said that the virtual goods would be created on the blockchain in the form of “footwear, clothing, bags, accessories and charms for decorating footwear, clothing, bags and accessories.”

Join our Telegram group and never miss a breaking digital asset story.

Businesses Rush Into Metaverse as Pandemic Wears on Consumers

In September 2021, Meta (the social media company formerly known as Facebook) announced a $50 million fund dedicated to developing the metaverse. The firm soon doubled down on this bet, changing its corporate name to Meta had hiring 10,000 people in the EU to work on its vision of the metaverse. Partly due to Meta’s push, other businesses and top tech companies have been rushing to deliver a product for the upcoming virtual world. 

For instance, Satya Nadella, the Chairman and CEO of Microsoft, shared the company’s metaverse plans in early November. In a video, Nadella said the firm was “creating an entirely new platform layer, which is the metaverse.”

Further, the giant sportswear company Nike submitted a number of trademark applications in November that suggested the company is planning to sell virtual sneakers and apparel. As reported, it even purchased the virtual sneaker company RTFKT in a bid to bolster its position in the upcoming digital era. 

However, while companies are prepping for the upcoming digital era, some users believe such an era might never fully come to fruition. One Reddit user commented:

“So many companies are getting ready to roll out the Metaverse but I just can’t see people wanting to stay home anymore. I know there will be an audience for it, but I just think the majority will just not find it appealing to put a headset on after 2+ years of not really going out.”

“I miss the real world,” another Redditor replied in the thread.

Many feel that the pandemic has already forced people to stay inside for too long and a metaverse might fail to convince people to stay in the virtual world for any longer once the pandemic ends.

Is the idea of Metaverse an escape from the pandemic? Will it still have utility once we get back to normal? Let us know in the comments below!