According to trademark registrations, Walmart is acquiring intellectual property (IP) in preparation for a foray into the metaverse. Additionally, the large box retailer is looking at bitcoin and NFTs.
According to recent trademark filings, Walmart is preparing for a run at the metaverse in 2022, including probing the domains of bitcoin and NFTs. Different companies, even those outside of the typical tech area, look into the metaverse as investments are made. For example, meta, the business that owns Facebook and Oculus, is currently leading the charge toward an augmented reality (AR) and virtual reality (VR) future. Last year, the technology firm changed its name to Meta to go all-in on the metaverse. As a result, Walmart, the largest big box retailer in the United States, is entering the industry despite previous failures.
A metaverse is an enhanced version of today’s online environment. The metaverse, in particular, employs virtual reality and augmented reality to create a sensory experience of reality in a digital world. Consider it a 3D version of the internet, where online games and services exist in their digital world. Though the notion is being promoted by its backers and pioneers as a great step forward for the internet that will enhance many people’s lives, it is not as straightforward as it appears. Experts have warned that the metaverse could harm mental and physical health, leading to increased cases of body dysmorphia and reality distortion.
Walmart, an unusual contender in the metaverse race, has registered trademarks linked to the metaverse with the United States Patent and Trademark Office. Walmart told CNBC that it is “constantly studying how emerging technologies may affect future shopping experiences,” but declined to comment on specific files. The applications, filed on December 30th, 2021, cover a wide range of topics, including bitcoin, NFTs, and the metaverse. Companies have been racing to create metaverse technologies since Meta changed its name to indicate its support for the metaverse. So it’s only natural that the country’s largest retailer would look at how to apply technology to the best retail industry.
Walmart is on the lookout for virtual shopping experiences
The retail business is seeing new horizons as technology advances in the shopping industry — and the epidemic disrupts old browsing habits. On the one hand, consumers are queuing outside stores for a chance to purchase safely at their favorite stores. On the other hand, retailers are attempting to encourage customers to pick up their things using contactless technology or by pre-ordering. That’s why Walmart is experimenting in the metaverse with a mix of physical and digital goods. The company registered trademarks for the phrases “Verse to Home,” “Verse to Curb,” and “Verse to Store,” which appear to reflect the various ways customers shop today.
Aside from the more traditional usage of the metaverse in sales, Walmart’s trademark filings also include information on other developing technologies. The company describes new digital services only in VR/AR, such as fitness or education sessions. They’ve registered their logos and trademarks for use in the metaverse, and they’ve even considered you include cryptocurrencies and non-fungible tokens in digital markets. Although the company has previously invested heavily in virtual shopping experiences with little success, the increased value placed on the Metaverse could help the company thrive in round two. Walmart isn’t the only firm that has had a bumpy start in the metaverse, but it does have the resources to tackle the obstacles that new technology might provide.