Walmart drawing up plans to enter metaverse, create cryptocurrency

Walmart (NYSE: WMT) appears to be trying to enter the metaverse after registering multiple trademarks to manufacture and sell virtual goods.

According to a CNBC report, retailers also filed applications to create their cryptocurrencies and non-fungible tokens (NFTS), citing filings from the US Patent and Trademark Office late last year.

“We are constantly testing new ideas,” Walmart said in a statement to CNBC. “Some ideas become products or services that reach customers. And some test, iterate and learn.”

According to the Decrypt report, Walmart has joined Gap (NYSE: GPS), which became the latest retailer to switch to NFTs. The debut series of its collection launched on the Tezos blockchain last week. NFTs are seen as another way for brands to connect directly with consumers. Adidas and GameStop are also actively participating in the NFT project.

Last month, Walmart’s CFO Brett Biggs said that retailers could embrace crypto. But there’s not enough demand for it right now. According to Coindesk’s October report, Walmart (WMT) launched a pilot program last year to allow shoppers to purchase Bitcoin (BTCUSD) through Coinstar kiosks in select stores.

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