Walmart Files Patent for Digital Currency and Non-Fungible Tokens (NFTs)
Walmart, the retail behemoth in the United States and the world’s biggest business by revenue, looks to be preparing for a foray into the realm of cryptocurrency and non-fungible tokens (NFTs). According to registration paperwork submitted with the US Patent and Trademark Office (USPTO) in December 2021, the wholesale and retail chain behemoth is also preparing the framework for the creation of its native cryptocurrency to compete with the likes of Bitcoin, which is regarded as the store of value, and Ether, well-known for its smart contract capabilities.
This is not the initial time we’ve seen Walmart express interest in the crypto industry, but if the scenario workout as expected, we might see cryptocurrency usage in the retail sector skyrocket. As per CNBC, in December 2021, Walmart submitted seven trademarks, indicating the store’s intention to create and offer virtual items, while another application stated the business will provide consumers virtual currencies and NFTs.
Walmart may introduce “financial services,” including the provision of a cryptocurrency and a crypto token of worth for usage by participants of an online group over a worldwide computer network, according to the documents. As predicted, Walmart has not offered specifics about its intentions, but only revealed CNBC that it is “continuously evaluating how new technology” may effect its company. The organization continued by stating that it is always testing “new concepts,” some of which may transform into genuine goods and/or solutions.
Nevertheless, another application describes the availability of “physical fitness training services” and also diet and wellness workshops. These apps, as per The Verge, might take effect in augmented reality (AR) or even virtual reality (VR) scenarios. Additionally, the corporation filed for using its brand and logo across both AR and VR environments.
Bloomberg noted in a unique piece that the firm has also registered copyrights for phrases such as “Verse to Curb,” “Verse to Home,” and “Verse to Store” – which together imply that the company is developing a virtual buying experience for its consumers.
Walmart’s trademark filing also hints to the possibility of developing software in the years ahead. These software bundles may be utilized in e-commerce platforms and on mobile/game devices, as well as for money transfers, blockchain technology, and cryptocurrency, among other things.
In the foreseeable future, whatever virtual environment Walmart chooses to build its shop will drive up the value of its digital token, so benefiting all participants in the metaverse.The enterprise may possibly begin accepting the numero uno crypto Bitcoin across all of its US locations soon after the launch of its native digital currency.