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Walmart is quietly preparing to enter the metaverse.

• Walmart appears to be making forays into the metaverse, with plans to launch its own cryptocurrency and NFT collection.
• Late this month, the big-box retailer filed several new trademarks indicating its intention to create and sell virtual items.
• The company stated in a separate filing that it would provide customers with a virtual currency as well as non-fungible tokens, or NFTs.

Walmart appears to be foraying into the metaverse, with plans to launch its own cryptocurrency and NFT collection.

Late this month, the big-box retailer filed several new trademarks indicating its intention to manufacture and sell virtual items, such as electronics, home décor, toys, sporting goods, and personal care products. In a second filing, the company stated that it will provide customers with both a virtual currency and NFTs.

Walmart filed the applications on December 30th, according to the US Patent and Trademark Office.

In total, seven separate applications have been submitted.

Walmart stated that it is "continually studying how emerging technologies may affect future shopping experiences" in a statement. It declined to comment on the trademark filings in dispute.

"We are constantly testing new concepts," the business stated. "Some ideas turn into products or services that reach customers. We test, iterate, and learn from some of them."

Josh Gerben, a trademark attorney, described them as "very severe." "There's a lot of language in these, which indicates that there's a lot of planning going on behind the scenes about how they're going to deal with cryptocurrency, how they're going to deal with the metaverse, and how they're going to deal with the virtual world that appears to be coming or is already here."

Businesses have been hurrying to find out how they would fit into a virtual world since Facebook announced it was changing its corporate name to Meta, reflecting its ambitions beyond social media, according to Gerben.

In early November, Nike submitted a series of trademark applications that hinted at its plans to sell virtual branded sneakers and gear. Later same month, it announced a collaboration with Roblox to build Nikeland, an online realm. It paid an undisclosed sum in December for the virtual sneaker business RTFKT (pronounced "artefact").

"Suddenly, everyone is like, 'This is becoming really serious, and we need to make sure our IP is secured in space,'" Gerben explained.

Gap has also begun producing non-traditional versions of its trademark logo sweaters. NFTs will be priced in tiers ranging from $8.30 to $415 and will include an actual hoodie, according to the fashion company.

In the meantime, both Under Armour and Adidas' NFT debuts last month were sold out. On the NFT marketplace OpenSea, they're suddenly fetching exorbitant rates.

Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch, according to Gerben, have all registered trademarks in recent weeks indicating their intention to create a virtual store.

CB Insights published a report that explained some of the reasons why retailers and brands might wish to embark on such projects, which might possibly provide new revenue streams.

Launching NFTs allows firms to tokenize physical products and services in order to lower online transaction costs. NFTs can also function as a sort of authentication for real and more expensive goods for luxury businesses like Gucci and Louis Vuitton, CB Insights noted.

More stores will want to develop their own environment around the metaverse and products saved on the blockchain, according to Gerben. As more consumers get familiar with the metaverse and items stored on the blockchain, more retailers will want to create their own ecosystem around it.

Many merchants are still reeling from being late to e-commerce, according to Frank Chaparro, director of crypto information services firm The Block, and they don't want to miss out on any chances in the metaverse.

"I believe it's a win-win situation for any retailer," Chaparro added. "And even if it turns out to be a fad, there's not a lot of reputation damage in doing something out of the ordinary, like giving some customers an NFT in a sweepstake, for example."