walmart plans to enter metaverse with its own crypto and nft

Walmart Plans to Enter the Metaverse With Crypto and NFTs

Lara Raven

Lara Raven

Disclaimer: This site may contain links to affiliate websites, which we may receive compensation if you purchase these products 

The Metaverse is slowly approaching its forthcoming release as more and more companies are rushing to join this virtual space. Today, with the rising popularity of NFT’s, significant businesses across the planet are not wasting any time in joining the metaverse. Along with Facebook and other industry giants, the biggest employer in the world, the retail market-chain Walmart has similar plans.

Walmart seems to be pushing into developing their own metaverse space where people can shop from a ‘different’ reality. Along with the metaverse real estate, Walmart is looking to release their own Walmart cryptocurrency for virtual merchandise and NFTs.

Today in this article, we’re going to look at Walmart’s plans to enter the metaverse and the cryptocurrency business and how this move will affect shopping for years to come. 

Shopping Collection in Metaverse

Following Other Brands

As mentioned before, Walmart is not the first nor the last big brand that plans to enter the metaverse. Alongside Facebook as the first significant business to have such plans, Walmart saw huge potential success and a chance to revolutionize shopping altogether. 

Walmart’s metaverse plans, are currently ongoing as we speak. As of December 30th of 2021, the company has already made seven different applications to the US Patent and Trademark Office. This goes to show that Walmart is seriously looking to join the new virtual world. 

Along with the plans to enter the metaverse, Walmart is looking at the big picture here. Aside from looking to sell virtual products like electronics, toys, home decorations, and sporting goods among other goods, Walmart is looking into creating their own virtual currency and NFTs. 

Customers will be able to purchase Walmart goods with the use of their currency as well as by the ever-popular NFTs. 

A leaked concept video from 5 years ago has shown a very real-looking Walmart store with very real-looking items for sale. This video is quite old now in metaverse terms, however, it shows that Walmart had and still has very serious plans on joining the virtual world. The only thing remaining uncertain is which platform they will choose and what the final product will look like. 

Virtual Markets are the Future

It’s no longer a secret that virtual markets are going to take over in the next few years. Even though the metaverse is not yet fully developed, there are companies that invested a lot to make that possible. More and more big-name brands like Nike, Adidas, Gap, Under Armour, and many more have already begun their own preparations for entering the metaverse. Nike has even gone a step further to announce that they’re creating their own online world called Nikeland. 

Apparel retailers like Abercrombie and Fitch, Ralph Lauren, and Urban Outfitters, are also just some of the names that have started the lengthy procedures of securing their place in the metaverse. Walmart is one of the biggest retailers when it comes to affordable goods, so it only makes sense that they also join the metaverse. One thing is for sure – the moment Walmart enters the metaverse universe, shopping will be changed forever. 

metaverse universe shopping

Why is Walmart Interested in Metaverse

The metaverse is the next level of technology. In case you haven’t seen the movie Ready Player One, it’s the first one that shows how the metaverse might actually look. Since metaverse is the so-called ‘second’ reality, Walmart has every reason to expand beyond the known reality of the outside world. They’ve stated on multiple occasions that they are interested in seeing how emerging technologies can change or improve the shopping experience. 

The metaverse is expected to offer limitless opportunities in the digital world where people could do deals and purchase goods whenever they like. This is way easier, knowing that Walmart will soon have its own cryptocurrency. 

Within the metaverse, people would be able to interact with each other and even purchase virtual real estate. Walmart saw an opportunity in this new emerging technology and is willing to take their business in ‘another’ dimension. It’s currently unknown how much money Walmart will spend on this undertaking, but it won’t be for free

What to Expect from Walmart’s Metaverse

Understandably, the expectations for Walmart’s metaverse gig are huge, but it will take some time for the final release. The metaverse is still a new term in technology, and no one is even close to releasing the first version of digital reality. What we can expect from Walmart’s metaverse is going to be huge and knowing the size of the retailer, shopping will be forever changed!

Share:

Table of Contents

Most Popular