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Walmart Filings Reveal Plans to Create Cryptocurrency, NFTs
Walmart Inc. is preparing to create its own cryptocurrency and collection of nonfungible tokens, filings with the U.S. Patent and Trademark Office show, setting the stage for meeting its customers in the emerging metaverse.
The retailer sought several new trademarks in December that show it intends to make and sell virtual goods such as electronics, decor, toys, sporting goods and personal care products.
The applications, which were first reported by CNBC, represent a significant step for the retail giant as it studies how to participate in the metaverse, a virtual world that blends aspects of digital technologies. Walmart in August advertised a position to develop 鈥渢he digital currency strategy and product roadmap鈥 while identifying 鈥渃rypto-related investment and partnerships,鈥 according to a job posting on the company鈥檚 website.
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The applications were among a flurry the company filed on Dec. 30, including three under 鈥淲almart Connect鈥 鈥 the name of the company鈥檚 existing digital advertising venture 鈥 for a financial exchange for virtual currency and advertising. Applications also were filed for 鈥淰erse to Store,鈥 鈥淰erse to Curb鈥 and 鈥淰erse to 91视频鈥 for shopping services. It鈥檚 also seeking trademarks to apply the Walmart name and 鈥渇ireworks鈥 logo to heath care services and education in virtual and augmented reality.
鈥淲almart is continuously exploring how emerging technologies may shape future shopping experiences,鈥 the company responded in an emailed statement. 鈥淲e don鈥檛 have anything further to share today, but it鈥檚 worth noting we routinely file trademark applications as part of the innovation process.鈥
All of the applications were filed indicating that the company intends to use them but has not yet begun doing so. The trademarks wouldn鈥檛 be registered until they are in actual use.
Walmart鈥檚 cryptocurrency plans were the subject of a high-profile hoax in September, when a fake announcement caused a short-lived surge in Litecoin, a relatively obscure cryptocurrency. According to the faked news release, Walmart would start letting its customers pay with Litecoin.
Even so, Walmart has continued to explore capabilities in that realm. In October, the Bentonville, Ark.-based retailer started a pilot program in which shoppers can buy Bitcoin at Coinstar kiosks in some of its U.S. stores. The test with Coinstar, which is known for the machines that let customers exchange U.S. coins for paper bills or gift cards, includes 200 kiosks in Walmart stores.
In early December, Walmart Chief Financial Officer Brett Biggs said at an analyst conference that the company was open to allowing shoppers to pay in cryptocurrency if customers demand it, but the company didn鈥檛 see a need to rush out any capabilities.
Walmart ranks No. 3 on the Transport Topics Top 100 list of the largest private carriers in North America.
鈥 With assistance from Susanne Barton.
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