The American multinational retail giant is preparing to launch its own cryptocurrency and a collection of non-fungible tokens (NFTs), as evidenced by filings with the US Patent and Trademark Office, thereby positioning it for the greater adoption of these technologies by its global customers.
Several trademarks were sought by the retailer in December, which focused on the fact that the retailer intends to make and sell a variety of virtual goods such as electronics, décor, toys, sporting goods and pharmaceutical products on its website.
The retail giant has made a significant step forward by filing the applications, a step that was first reported by CNBC. The applications showcase its interest in participating in the metaverse, a virtual world that combines aspects of different digital technologies. According to a job posting posted on Walmart’s website, the company advertised a job in August to develop “the digital currency strategy and product roadmap” as well as identifying “crypto-related investment and partnerships.”.
On December 30, Walmart filed a number of patent applications, including three under Walmart Connect, the name of the company’s existing venture in digital advertising. The applications are related to a financial exchange for virtual currency and advertising. For shopping services such as Verse To Store, Verse To Curb, and Verse To Home, applications have also been filed. Walmart is also seeking trademarks to use the Walmart name and “fireworks” logo for healthcare services and augmented and virtual reality education as well.
“Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” the company responded in an e-mailed statement. “We don’t have anything further to share today, but it’s worth noting we routinely file trademark applications as part of the innovation process.”
According to all of the applications filed by the company, they intend to use them in the future, however, the company has not yet begun using them. It would not be possible to register the trademark until it is actually being used.
In September, an announcement made by Walmart that it was turning to cryptocurrency was the subject of a high-profile hoax that caused Litecoin, a relatively obscure digital coin, to experience a brief surge. “Walmart will begin to allow its customers to pay for their purchases with Litecoin from now on”, according to the fake news release.
The company has nevertheless continued to explore what capabilities it can offer in that arena. Shoppers can now purchase bitcoin from Coinstar kiosks located in some of the retailer’s US stores as part of a pilot programme that was announced in October. It is worth noting that the Coinstar test, which consists of 200 kiosks in Walmart locations, allows customers to exchange coin for dollar banknotes, gift cards, and prepaid cards, among other options.
During an analyst conference in early December, Walmart Chief Financial Officer Brett Biggs said that the company would be open to allowing shoppers to use cryptocurrency if customers requested it. However, Biggs did not feel there was a pressing need to make the feature available to consumers.
