Walmart has finally made an official entry into the cryptocurrency world. Late last year, the retail behemoth was at the center of a widespread rumor that it had begun accepting Litecoin crypto payments. However, Walmart has come out to deny the notion, stating that it does not accept bitcoin for payment.
However, this did not imply that the grocery chain was wholly opposed to the crypt space. According to patent documents made public over the weekend, the company plans to introduce its cryptocurrency and NFTs, confirming its entry into the metaverse and the broader crypto sector.
Given the metaverse’s recent growth, both individuals and businesses have pushed to have virtual copies of their businesses in the metaverse. Essentially, this is what Walmart is doing. The retailer submitted seven patents, one of which was for an online retail store where the company would offer virtual products. These would be virtual copies of items previously offered by the company, including electronics, furniture, toys, and household goods.
It is critical for the organization to test these new concepts and investigate these new spaces’ prospects. “We are constantly putting fresh ideas to the test.” Some ideas evolve into products or services that are sold to clients. “We test, iterate, and learn from some of them,” Walmart stated in a statement.
In addition, the company intends to trademark its name and logo in both virtual and augmented reality. These patents, which were submitted less than a month ago, clearly indicate Walmart’s goal of becoming a well-known brand in the metaverse.
Walmart’s crypto strategy extends beyond the metaverse. It also intends to launch its cryptocurrency, which customers use to make online purchases.
“Financial services, specifically supplying a digital currency and a digital token of value for usage by members of an online community via a global computer network,” according to the patent filing.
According to the application, Walmart will also provide e-wallet services through which users will be able to store and manage their digital assets.
Since August of last year, Walmart’s crypto strategy has been clear when it posted an ad seeking a crypto expert to drive its crypto campaign. Furthermore, Walmart had collaborated with Coinstar and Coinme to put 200 Bitcoin ATMs at Walmart physical shops around the United States.
With this new initiative, the grocery chain will be able to offer its consumers crypto payments and NFTs.