Walmart is the latest retailer to join various other companies in establishing virtual stores and creating NFTs (non-fungible tokens), planning to produce its own cryptocurrency.
As of December 30, 2021, Walmart filed multiple applications with the US Patent and Trademark Office, including a trademark for financial services for cryptocurrency such as NFTs, blockchain technology, exchange for virtual currency, creation of digital currency, and much more.
Moreover, besides the trademark application for cryptocurrency, the company also filed one for various downloadable software products for e-commerce, virtual marketplace, entertainment, video game consoles, tablets, payments, fund transfers, crypto & digital currency, and others.
The trademark for the virtual retail store includes electronics, appliances, indoor & outdoor furniture, home décor, books, and most products available in its brick-and-mortar stores.
Walmart is not the first retailer to be part of this movement. On Wednesday, January 12, Gap launched its first NFTs on the Tezos blockchain, priced between $8.30 - $415, which will come with a limited edition, collectible Gap hoodie.
In October 2021, Nike filed a trademark application for its downloadable virtual products, retail store services, and entertainment services which provide online non-downloadable products.
Adidas and GameStop are also involved in NFT projects.
Sources: seekingalpha.com, thestreet.com