The world's largest retail chain Walmart is reportedly preparing to enter the metaverse with the launch of its own cryptocurrency and non-fungible tokens (NFTs), according to CNBC, with reference to trademarks registered by the company at the end of last year.
Walmart plans to launch crypto and NFT collection
According to the filings, Walmart plans to produce and sell virtual goods, including electronics, decor, toys, sports equipment, and hygiene products. A separate filing says that the trading network will offer users virtual currency and a collection of NFTs. Applications were filed with the US Patent and Trademark Office on December 30.
“They are very assertive,” said trademark lawyer Josh Gerben. “The language of the applications speaks of a tacit active planning in the field of cryptocurrencies, the metaverse and the virtual world.”
Ever since Facebook's rebranding to Meta, other large companies have urgently explored ways to join the virtual universe, Gerben said.
Read also: GameStop Plans to Launch an NFT Marketplace
For example, Shoe manufacturer Crocs has filed for a trademark in the NFT segment. “The trademark is intended to cover the categories of downloadable digital media, namely digital assets, digital collectibles, digital tokens, and NFTs,” the document says.
The application was filed on the basis of "intent to use", which indicates the brand's plans to use the trademark for commercial purposes.
Registration also includes downloadable computer software for creating, managing, storing, sending, receiving, exchanging, validating, and selling NFTs.
Recall that Nike registered trademarks in November, indicating the company's intention to start selling electronic variations of its products. That same month, it was reported that Nike was preparing to launch its own Nikeland virtual world in collaboration with Roblox.
In December, Nike bought virtual sneaker company RTFKT for an undisclosed amount.
In addition, this week it became known about the launch of sales of NFT sweatshirts by the largest clothing retailer in the US, Gap. Gap virtual clothes are distinguished by rarity levels that determine the price of NFTs.
Gerben noted that other major retailers, including Urban Outfitters, Ralph Lauren, and Abercrombie & Fitch, have also registered trademarks in recent weeks that indicate their intention to open virtual stores.
Billions of dollars spent on NFTs
The value of the global NFT marketplace, which was $41 million in 2018, increased to $338 million in 2020. The NFT art marketplace, which has increased its volume eight times in just two years, looks quite impressive. There are also 82% more NFT transactions in 2020 than in 2019. Looking at 2021, the total sales volume of NFTs seems to be over $2.5 billion.
Some NFTs sell for several hundred thousand dollars, while others sell for thousands or even millions of dollars. However, there are only a few NFTs that have managed to surpass the $1 million price tag so far. The most expensive of these is the $69 million Beeple NFT.
Read also: Why Are People Paying Millions of Dollars for NFTs?
These astronomical growth figures move in parallel with the popularity of cryptocurrencies. So exactly what relationship do NFTs have with cryptocurrencies? To answer this simply, NFTs are stored on the blockchain. Their identity is fully confirmed here. Therefore, it is not possible to buy or sell NFTs without cryptocurrencies.
Considering all these, it is obvious that NFTs are directly related to the crypto money world. As a result, as the cryptocurrency world develops, the NFT market will automatically develop.
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