Walmart patents show it's mulling entering the Metaverse with own NFTs and crypto

By Matthew Griffin Virtual World 17th January 2022

WHY THIS MATTERS

The metaverse is potentially a multi-trillion dollar opportunity – eventually – and companies are experimenting and laying their stakes already.

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When it comes to the next hot new trend the metaverse is it, and everyone it seems want to claim their stake in this new digital wonderland. Now, hot on the heels of Facebook, now Meta, Walmart looks like it’s serious about getting into the metaverse as well after it filed three new patents with the US Patent Office for its own cryptocurrency and Non-Fungible Tokens (NFTs).

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The retail giant would be just the latest corporate player to wade into the emerging industry of virtual experiences and virtual worlds, referred to as the metaverse, which could include everything from offering digital versions of its products in the form of NFTs all the way through to selling virtual, metaverse experiences all, of course, paid for with a Walmart token.

At least three filings made on 30 December with the patent office indicate plans at Walmart to expand into digital assets and virtual experiences.

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One trademark filing details the creation of a Walmart virtual currency, in addition to cryptocurrency exchange services using blockchain technology while a separate application to the USPTO describes downloadable software for uses ranging from E-Commerce to Augmented Reality (AR) as well as managing a portfolio of cryptocurrencies. And the third filing details the possibility of a Virtual Reality (VR) game or online retail service featuring a marketplace of digital goods authenticated by NFTs.

These goods could range from home appliances to sporting goods, beauty products, patio furniture, and musical instruments — all listed in the trademark application. And as for when all these new things might emerge, well the company had this to say:

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“Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” said a spokesperson, “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.”

Matthew Griffin / About Author

Described by NASA as a "Walking Encyclopaedia of the Future" and one of the world’s most in demand keynote speakers Matthew Griffin, Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm, is a multi-award winning Futurist and strategic foresight expert, author, lecturer, mentor, podcast and YouTube host.

With a distinguished career running global business units at Atos, EMC, and IBM today Matthew helps leaders and titans of industry from all over the world explore the impact of the inter sections of technology, culture, and leadership, then helps them create high performance organisations that can continuously disrupt, outpace, and outthink their competition.

15 times author of the hit series the Codex of the Future series Matthew's ability to identify, track, and explain the impacts of hundreds of emerging technologies and trends on global business, culture, and society has earned him a powerful reputation and a roster of clients that include royal households, world leaders across the G7, G20, and G77, and many of the world's most recognised and exceptional organisations including ABB, Accenture, ABN Amro, Adidas, AON, ARM, BCG, Centrica, Citi Group, Coca Cola, Deloitte, Dentons, Disney, Dow, EY, Google, KPMG, Lego, Microsoft, Legal & General, LinkedIn, Nokia, Paramount, PepsiCo, PWC, Qualcomm, RWE, Samsung, T-Mobile, UBS, Visa, WIRED, WPP and hundreds of others.

Matthew is regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, and his mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.