Main Highlights:
- According to information obtained from the United States Patent and Trademark Office, Walmart submitted seven unique trademark applications in the previous month.
- One is a financial services patent that seeks to create a digital currency and a digital token of value that may be used by members of an online community across a global computer network.
- Other trademark applications provide virtual merchandise and downloadable software for managing digital currency portfolios via an online retail store.
- In September, Walmart issued an unlawful press release saying that cryptocurrency litecoin would soon be accepted for payment on Walmart.com, causing the coin to surge by more than 30% at the time of publishing.
Due to the massive demand for the success of NFTs in the crypto realm and digital marketplace, it is doubtful that the enthusiasm will decrease very soon. Numerous corporations and restaurants have already hopped on board, with everyone from McDonald’s converting its fan-favorite McRib sandwich to Nike acquiring RTFKT. This company assists in the generation of NFTs.
Based on freshly filed trademark applications, it appears as though giant retailer Walmart is next in line – and in a big way. According to information received from the United States Patent and Trademark Office, the shop submitted seven different trademark applications within the last month.
One is a financial services patent that attempts to provide a digital currency and a digital token of worth for usage by members of an online community over a worldwide computer network. This might signal that Walmart is exploring the possibility of developing and trademarking its kind of cryptocurrency for use in an online marketplace. This idea extends far beyond mining Walmart-branded NFTs.
Other trademark applications seek to provide online retail shop services that include virtual products and downloadable software for managing digital currency portfolios. This would establish Walmart as a significant participant in the metaverse, with the possibility to create its store and digital realm where people may buy and converse in the fourth dimension.
Though Walmart has not publicly commented on the metaverse’s uses or future ambitions, the corporation told CNBC that it is always trying new concepts. According to the merchant, some ideas become items or services that reach customers. And others they experiment with, iterate on, and learn from.
This past September, Walmart sent an illegal press release claiming that cryptocurrency bitcoin will soon be accepted for payment at Walmart.com, sending the coin surging over 30% at the time of the publication. The corporation stated that Walmart was unaware of the GlobeNewswire news release and contained no truth. Walmart has no connection to bitcoin.
However, based on the company’s most recent trademark filings, it appears as though the use of cryptocurrency at the bargain store is not such a far-fetched thought after all. As of Monday morning, Walmart was up 1.16 percent.
About Walmart
In Bentonville, Arkansas, Walmart Inc. is an American multinational retail firm that owns and manages a chain of hypermarkets, discount department stores, and grocery shops in the United States. Sam Walton launched the corporation in neighboring Rogers, Arkansas, in 1962 and incorporated it in Delaware on October 31, 1969, under the Delaware General Corporation Law.
Sam’s Club retail warehouses are also owned and operated by the same company. In 24 countries, Walmart will be operating under 48 distinct identities by the end of October 2021, with a total of 10,566 shops and clubs. As Walmart de México y Centroamérica in Mexico and Central America, Walmart Wholesale in India, and Flipkart Wholesale in the United States and Canada, the corporation is known as Walmart worldwide.
The company wholly owns Chilean, Canadian, and South African subsidiaries. Until August 2018, Walmart held just 20% of Walmart Brasil, rebranded Grupo Big in August 2019, while the private equity firm Advent International owned the other 80% of the company.
