Walmart Might Soon Be Rolling Out Its Own Cryptocurrency
New trademark applications filed by the retailer could completely disrupt the metaverse.
The high demand for and success of NFTs in the crypto world and digital marketplace make it unlikely that the craze will be going away anytime soon.
Many companies and chains have already jumped on the bandwagon, with everyone from McDonald’s making their fan-favorite McRib sandwich into an NFT to Nike purchasing RTFKT, a company that helps generate NFTs.
And according to newly filed trademark applications, it looks like mega retailer Walmart is next in line — and in a pretty major way at that.
CNBC first reported that the retailer filed seven different trademark applications over the course of the past month per information obtained from the U.S. Patent and Trademark Office.
One is a patent that seeks “financial services, namely, providing a digital currency and a digital token of value for use by members on an online community via a global computer network.”
This could potentially mean that Walmart would be looking to create and trademark its own form of cryptocurrency to be used in an online marketplace, a concept that goes far beyond simply mining Walmart-branded NFTs.
Other trademark applications call for “on-line retail store services featuring virtual merchandise” and “downloadable software for use in managing portfolios of digital currency.”
This would make Walmart a major player in the metaverse, potentially creating what seems to be its own store and digital sphere where consumers can shop and communicate in the 4D.
Though Walmart has not publicly commented on the applications or future plans for the metaverse, the company told CNBC that it is “testing new ideas all the time.”
“Some ideas become products or services that make it to customers. And some we test, iterate, and learn from,” the retailer stated.
This past September, a fake press release was sent around unauthorized by Walmart which claimed that cyrptocurrency litecoin would soon be able to be used for payment at Walmart online, which sent the coin skyrocketing over 30% at the time of the release.
"Walmart had no knowledge of the press release issued by GlobeNewswire and there is no truth to it,” the company said. “Walmart has no relationship with litecoin."
But according to the company’s latest trademark applications, it looks like the use of crypto at the discount retailer may not be such a far-fetched concept after all.
Walmart was up 1.16% as of Monday morning.
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