Walmart's Metaverse adventure could start this year. It seems that the brand is creating its own cryptocurrency as well as a collection of NFTs, according to multiple media outlets in the USA.
The news went public after Walmart filed for several trademarks licenses, specifically mentioning that these licenses will be used for the creation of new “financial services, a digital currency and a digital token of value for its members”
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According to the U.S. Patent and Trademark Office, Walmart filed three applications on Dec. 30, for a financial service composed of digital currency and digital tokens of value, an online store capable of selling - among other things - virtual merchandise, and the third application for ‘downloadable software to be used in managing portfolios of digital currency’ among other things.
These three applications are Walmart’s first legal steps into a future representation of the brand in the Metaverse.
In total, Walmart filed 7 applications on Dec. 30, including three under “Walmart Connect”, the current digital advertising venture of the company, for a financial exchange for virtual currency and advertising.
Other applications filed were “Verse to Store,” “Verse to Curb” and “Verse to Home” for shopping services.
These applications are meant to fulfill a double purpose: protect the brand in case of intellectual property theft inside a permanent online environment - the three trademarks will be legally Walmart’s property - and also set a roadmap for the brand to transfer its real-world identity into any permanently online environment, allowing Walmart to legally use these trademark for virtual currency and NFT technologies. Something indispensable in the Web3 future scenario.
Recently, many major brands have expressed interest in participating in the future Metaverse: Nike, Gucci, Coca-Cola, Wendys, Taco-Bell, and Asics, among others, have joined the Metaverse.
The idea of being able to create your own digital currency or a token system that would allow brands to develop new forms of marketing and customer retention is extremely attractive.
If we add to this the security advantages provided by the framework on which the Metaverse will operate - Web3 with its blockchain technology - we have a future of secure, attractive, and addictive virtual ecosystems - enhanced by social networks - that become the ideal scenario for brands to develop their marketing strategies.
Do you want to learn more about the Metaverse and its implications for e-commerce and business in general? Check out our article concerning the Metaverse here!
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