Retail giant Walmart has announced it’s looking to get involved in the growing world of non-fungible tokens (NFTs) and it will also be unveiling its own cryptocurrency in the coming months.
Walmart Is Building Its Own Cryptocurrency
The news is fantastic in that it suggests more and more that crypto is becoming mainstream and legitimate in the eyes of everyday business ventures. Standard companies, stores, and brick-and-mortar enterprises are stepping deeper into what was once a purely speculative space as the industry grows, gets stronger, and appeals to more individuals and traders.
The company has filed paperwork with the U.S. Patent and Trademark Office. Not only is it looking to establish a whole new digital currency, but Walmart is also seeking to develop a wide array of virtual goods including electronics, décor, toys, sporting goods, and personal-care products so it can participate with customers in the metaverse.
This is not the first time that Walmart has sought to get involved in the crypto space. In late 2019, the company filed paperwork to unravel a new bitcoin rewards program for its clients. It then said it was looking to hire a new crypto product specialist so that it could build out a future blockchain division for itself. From there, it partnered with Coinstar as a way of offering BTC to customers.
Sadly, not all the reported crypto news allegedly occurring in the Walmart office buildings has come out as true. Not long ago, a rumor swirled following the establishment of a phony press release that Walmart was partnering with Litecoin and that it would potentially be accepting the altcoin as a means of payment for all future transactions. Unfortunately, this turned out to be nothing more than hype, and the retailer came out to say that all claims suggesting a Walmart-Litecoin partnership were untrue.
While there is presently no partnership with Litecoin, however, the company’s chief financial officer Brett Biggs explained at an analyst conference late last year that Walmart would be okay with allowing customers to pay for items and services with crypto should the demand level be high enough. Thus far, the company does not feel that there has been enough of a push from customers to permit said activity.
The company’s new digital currency division is slated to be called “Walmart Connect” and may feature a virtual currency exchange and related advertising. The company is also looking to unveil a whole new virtual reality program, though details are scarce at the time of writing.
Not Too Many Details Right Now
In a statement, the enterprise wrote:
Walmart is continuously exploring how emerging technologies may shape future shopping experiences. 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.