Following the suit after Meta, Google, HTC, and other tech giants, the global big-box retailer giant Walmart also wants a piece of the whopping $800 billion business in the metaverse.
As per the recent development seen in the metaverse efforts, it appears that one of the largest big-box retailers Walmart is also joining the metaverse community. It is reported that the retail chain is all set to launch their own cryptocurrency as well as release a wide collection of NFTs that would include various virtual items, ranging from electronics, games, sporting goods to home decorations and toys. The collection will feature several other popular Walmart products that one would usually find on the shelves of the physical Walmart outlets.
Josh Gerben, a notable trademark attorney, stated in a recent CNBC interview that Walmart has filed about seven “super intense” trademark applications with the U.S. Patent & Trademark Office. The files detail how the company envisions its presence in the growing metaverse as well as how the cryptocurrency from Walmart would look like. However, the details of the said trademarks are currently undisclosed.
Earlier in January, a humorous clip depicting a Walmart VR shopping experience was making its rounds on the internet. The experience was conceptualised and developed back in 2017 but went largely unnoticed until it went viral on TikTok and Twitter very recently. To date, it has garnered over 11 million views and quickly became a hot topic among netizens. The video clip shows a virtual Walmart employee assisting the consumers as they walk around the aisles of a virtual store looking for milk, bread, wine, and various other items.
The concept was originally created by Store No. 8, an innovative R&D division of Walmart entrusted to explore the future impacts of immersive technology such as VR, AR, AI, and metaverse on eCommerce. This could be better explained as a tech kitchen that can simply toy with innovative ideas and their implications without the risk of facing their consequences.
Walmart also said in an official statement that the retail giant is currently exploring how these emerging technologies can help the company grow and shape the future of shopping experiences. To this end, Walmart is committed to experimenting with novel ideas all the time. Some of these ideas result in products or services and reach the consumers in real-time, whereas others serve as lessons that the company iterate, test, and learn from.
The metaverse is one of the most hyped topics in today’s time. Brands like Meta, Coca-Cola, Forever 21, GAP, Nike, and many others are already exploring and leveraging the potential benefits of AR and VR technology in the space of eCommerce. Other notable brands, such as Ralph Lauren, Abercrombie & Fitch, and Ralph Lauren have also filed trademarks with the U.S Patent & Trademark Office to open their own virtual storefronts in the expanding metaverse. Walmart is apparently the only big-box retail brand to join the race as of now.
Experts predict that the metaverse industry will soon become an $800 billion business opportunity. No wonder Walmart will want a piece and become a strong contender in the upcoming metaverse.
