Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of non-fungible tokens, or NFTs.
The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products. In a separate filing, the company said it would offer users a virtual currency, as well as NFTs.
According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30.
In total, seven separate applications have been submitted.
A spokesperson from Walmart didn’t immediately respond to CNBC’s request for comment.
“They’re super intense,” said Josh Gerben, a trademark attorney. “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”
Gerben said that ever since Facebook announced it was changing its company name to Meta, signaling its ambitions beyond social media, businesses have been rushing to figure out how they will fit into a virtual world.
Nike filed a slew of trademark applications in early November that previewed its plans to sell virtual branded sneakers and apparel. Later that month, it said it was teaming up with Roblox to create an online world called Nikeland. In December, it bought the virtual sneaker company RTFKT (pronounced “artifact”) for an undisclosed amount.
“All of a sudden, everyone is like, ‘This is becoming super real and we need to make sure our IP is protected in the space,'” said Gerben.
Meantime, both Under Armour‘s and Adidas’ NFT debuts sold out last month. They’re now fetching sky-high prices on the NFT marketplace OpenSea.
A report from CB Insights outlined some of the reasons why retailers and brands might want to make such ventures. Launching NFTs allows for business to tokenize physical products and services to help reduce online transaction costs, it said. And for luxury brands like Gucci and Louis Vuitton, NFTs can serve as a form of authentication for tangible and more expensive goods.
—CNBC’s Melissa Repko contributed to this reporting.