Walmart is reportedly gearing up to become a player in two “Web 3.0” technology spaces – non-fungible tokens (NFTs) and cryptocurrency.
According to CNBC, Walmart recently filed a number of trademark filings in the United States relating to NFTs and cryptocurrency. In late December 2021, Walmart reportedly filed trademarks indicating it wanted to create a variety of NFT products, in categories including electronics, home goods, toys and sporting goods.
NOTFTs are unique digital assets stored on a blockchain ledger that certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it.
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On December 30, 2021, Walmart also reportedly filed a trademark application for downloadable software that could be used to manage cryptocurrency-related technologies, including digital currency, virtual currency, digital and blockchain assets, digitized assets , digital tokens and downloadable e-wallets.
Walmart has previously expressed interest in cryptocurrency without announcing it directly. In an August 2021 LinkedIn job listing, Walmart announced the new position of Digital Currency and Cryptocurrency Product Manager.
According to the announcement, the new position will be responsible for “developing the digital currency strategy and product roadmap.” Specific responsibilities include owning and driving the digital currency strategy for Walmart, identifying customer needs and translating them into product requirements, and identifying crypto-related investments and partnerships.
Walmart does not currently accept payment in bitcoins or other cryptocurrencies. In July 2021, main rival Amazon (which also does not currently accept cryptocurrency payments) published an advertisement for a similar title position digital currency and blockchain product manager.
Bitcoin is an almost anonymous, decentralized, peer-to-peer online currency based on blockchain technology. Blockchain serves as a single real-time ledger verifying all transactions made on the blockchain network. Other retailers that have recently started accepting or are considering accepting bitcoin payments include new egg, Leaf through, and camping world.
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However, Walmart has never publicly signaled that it might be interested in NFTs. However, many other retailers have joined the NFT movement. Gap just released the first digital item in a planned collection of NFTs, and GameStop is would have planned create a marketplace for NFTs. In October 2021, specialist fashion brand DKNY unveiled a new logo inspired by his mural which has been on display for over a decade on Houston Street in New York.
Additionally, pizza chain Domino’s resurrected its old “Noid” ad campaign in a recent NFT series, and eBay and Shopify both now allow their buying and selling. And CKE Restaurants Carl’s Jr. and Hardee’s have teamed up with actress Charlotte Mckinney for a NFT Promotion.
Walmart has not publicly discussed its possible Web 3.0 plans. However, the retailer said CNBC It is “continuously explore how emerging technologies can shape future shopping experiences. We are constantly testing new ideas. Some ideas become products or services that reach customers. And some we test, iterate and learn.