Walmart plans to develop crypto and NFTs

The retail giant applied for several new trademarks in December.

Walmart plans to develop crypto and NFTs

The U.S. Patent and Trademark Office has revealed that Walmart Inc. is creating its own crypto and non-fungible token collection, setting the stage for connecting with customers in the expanding metaverse.

Several new trademarks were sought by the retailer in December that show it intends to produce and sell tangible goods such as electronics, decor, toys, sporting goods, and personal care items.

According to CNBC, the application represents a significant step for the retail giant as it explores the metaverse, a virtual world that combines aspects of digital technologies.

According to a job posting on Walmart's website, the company advertised a position for developing "the digital currency strategy and product roadmap" and identifying "crypto-related investment and partnerships."

As part of a flurry of patent applications filed on Dec. 30, Walmart also filed three applications for a financial exchange for virtual currencies and advertising under "Walmart Connect" - the name of its existing digital advertising venture.

In addition to Verse to Store, Verse to Curb, and Verse to Home, applications for shopping services have also been filed.

The company plans to apply the Walmart name and fireworks logo to health-care services and augmented and virtual reality education.

The company said in an emailed statement it is constantly exploring new technologies that might create new shopping experiences. The company does not have any further announcements, but should be noted that trademark applications are routinely filed as part of the innovation process.

The company filed all of the applications indicating that they intend to use them, but have not begun using them yet. A trademark cannot be registered until it is actually used.

As part of a pilot program, some of its U.S. stores offer Coinstar kiosks where customers can purchase Bitcoin.

Coinstar, a company that lets customers exchange U.S. coins for paper bills and gift cards, is including 200 kiosks in Walmart stores in its test.

Walmart Chief Financial Officer Brett Biggs told an analyst conference early in December that the company was open to allowing customers to pay in cryptocurrency if customers requested it, but that the company was not in a rush to introduce the capability.