Walmart is ready to enter the "metaverse" to shape the emerging shopping experience

Walmart, a major retailer, applied for several new trademarks late last month, indicating its intention to make and sell virtual goods. In another filing, the company said it would offer users virtual currencies as well as non-fungible currencies, or NFTs.

Walmart appears to be venturing into the “metaverse” and plans to create its own collection of cryptocurrencies and non-fungible currencies (NFTs), according to foreign media reports. The large retailer intends to manufacture and sell virtual goods, including electronics, home decor, toys, sporting goods, and personal care products.

Walmart filed the applications on Dec. 30, according to the U.S. Patent and Trademark Office, and filed seven separate applications in total. Walmart said in a statement that it is "continuously exploring how emerging technologies can shape the future shopping experience." It declined to comment on specific trademark applications.

Trademark attorney Josh Gerben said that ever since Facebook announced it was changing its name to Meta to signal its ambitions to go beyond social media, businesses have been scrambling to figure out how to fit into the virtual world.

Nike filed a series of trademark applications in early November, previewing its plans to sell virtual branded sneakers and apparel. Later that month, it said it would partner with Roblox to create an online world called Nikeland. In December, it acquired virtual sneaker company RTFKT for an undisclosed amount.

In addition to this, Gap has also begun selling NFTs of its iconic logo sweatshirts. The apparel maker said its NFTs will be priced from about $8.30 to $415 and will come with a physical hoodie.

Meanwhile, both Under Armour and Adidas NFTs sold out last month after debuting, and they are now fetching sky-high prices on NFT marketplace OpenSea.

A report from CB Insights outlines how retailers and brands want to start such businesses to provide new revenue streams. It says that launching NFTs allows businesses to tokenize physical products and services to help reduce online transaction costs. CB Insights also notes that for some luxury brands, NFTs can serve as a form of authentication for tangible and more expensive goods.

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