Creating a new shopping experience, Wal Mart is ready to enter the "meta universe"

2022-11-21
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Author:Liu Mengyuan
Source: ennews

It is understood that Wal Mart, a large retailer, applied for several new trademarks at the end of last month, indicating its intention to manufacture and sell virtual goods. The company said in another document that it would provide users with virtual currency and non replaceable currency or NFT.

 

According to foreign media reports, Wal Mart seems to be venturing into the "meta universe" and planning to create its own cryptocurrency and irreplaceable currency (NFT) collection. This large retailer intends to manufacture and sell virtual goods, including electronic products, home decorations, toys, sporting goods and personal care products.

 

According to the United States Patent and Trademark Office, Wal Mart filed an application on December 30, a total of seven separate applications. Wal Mart said in a statement that it "is constantly exploring how emerging technologies can shape the future shopping experience." But it declined to comment on specific trademark applications.

 

Josh Gerben, a trademark lawyer, said that since Facebook announced that it would change its name to Meta to show its ambition to surpass social media, major enterprises have been eager to figure out how to integrate into the virtual world.

 

Nike submitted a series of trademark applications in early November, previewing its plan to sell virtual brand sports shoes and clothing. Later that month, it said it would work with Roblox to create an online world called Nikeland. Last December, it acquired RTFKT, a virtual sneaker company, for an undisclosed amount.

 

In addition, Gap also started selling NFT, its iconic sweatshirt. The clothing manufacturer said that its NFT prices ranged from about $8.30 to $415, and it was equipped with physical hoodies.

 

At the same time, the NFT of Under Armour and Adidas sold out last month after their debut. And they are now selling at sky high prices on OpenSea, the NFT market.

 

CB Insights A report from, outlined retailers and brands' desire to engage in such businesses to provide new sources of revenue. It said that the introduction of NFT allows enterprises to token physical products and services to help reduce online transaction costs. CB Insights also pointed out that for some luxury brands, NFT can be used as a form of authentication for tangible and more expensive goods.


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