The growing popularity of cryptocurrencies impacts big retail businesses like Walmart, which is now moving towards the virtual world and getting ready to make a splash. Walmart, the famed retail behemoth that remained unmoved by the waves of digitalization and maintained a negligible online presence, is finally entering the digital space in a new way. The company is on its way to creating its cryptocurrency and NFTs or non-fungible tokens. During the year-end, the retail giant filed several trademarks that underlined the company’s intention to offer their customers the option of using a digital currency along with a range of other digital goods. The move marks a significant departure from the earlier business strategies that focused on the physical transactions of goods and accepting traditional payments only. The company is now set to adapt to the new age business trends of conducting business in the virtual world.
New offerings from Walmart
The big-box retailer will now make and sell virtual goods, including home decorations, electronics, sporting goods, toys, and personal. The most remarkable move is offering customers a virtual company created by the company and NFTs. The company filed the trademark applications, seven altogether, on December 30, as confirmed by the US Patent and Trademark Office. Although the company refrained from commenting about the trademark filings, it did admit to exploring the impact of new emerging technologies on shopping experiences in the future. The company continuously tests new ideas, some of which get converted into products or services, and others help the company learn and engage in further explorations.
Making sense of the trademark filings
As Walmart is not elaborately stating its plans about making a foray into the virtual world, we can try to gauge some of the behind-the-scenes activities by analyzing a trademark attorney’s observations. According to Josh Gerben, the trademark attorney who commented on the company’s recent trademark filings, many activities are taking place behind the scenes. Everything relates to the modalities addressing cryptocurrency and how the company will address the virtual world and the Metaverse, which is already a reality.
Since the time Facebook made its intention clear to take its business beyond social media by changing the company’s name to Metaverse, businesses have been taking renewed interest to position them in the virtual world.
Which way is the retail business heading?
Trying to make sense of the two critical events of the trademark filings by Walmart and the name change of Facebook to Metaverse, it becomes clear that especially the retail industry is fast embracing the virtual world. Businesses are now looking forward to a network of 3D virtual worlds that thrive on social connections.
The scope of online business is expanding incredibly, and soon all kinds of businesses and not e-commerce alone would dominate the virtual marketplace. Along with the growth of digital commerce, the so-called metaverse world would create a new type of marketplace where buyers and sellers can engage in more exciting ways.
Social media as a marketplace
For a long time, social media marketing has been the mainstay of marketing strategies for most companies, including small businesses. The affordable marketing online techniques across the social media platforms are beautiful for small businesses that can grow fast without investing in elaborate marketing infrastructure. Businesses can now open shops on Instagram and showcase their products besides selling online. Social media is gradually transforming into a virtual marketplace, and the concept of Metaverse is pushing businesses more and more towards the virtual world.
Creating NFTs has become a trend with retailers
Nike, Gap, Addidas, and Under Armour are some other companies aggressively pursuing their ambitions in the digital world. Nike’s trademark applications in November point at the company’s initiative to sell virtual branded apparel and sneakers. The company is creating Nikeland, an online world in collaboration with Roblox. Already Nike acquired RTFKT in December, which underlines the company’s interest in NFTs.
Gap has already taken the lead by selling NFTs of its iconic T-shirts, and now Walmart joins the band to create its footprints in the digital world by offering its Cryptocurrencies and NFTs.
