- Walmart is planning to enter the metaverse, an enriching experience for the market.
- The company is reportedly working on the creation of an NFTs collection and other virtual goods, which hints on possible foray in metaverse.
The idea of the metaverse is gaining ground as new investments are pouring in. Various international corporations like Microsoft, Meta’s Facebook, Apple, etc., have invested hugely in this idea and want to develop their stable base in this domain. These investments cause the huge profits that investors in this domain have witnessed.
The progress continues, and various projects are creating a new perspective to see the world. NFTs are one of the most attractive investments as new marketplaces are making progress. Also, a fun fact about NFTs is that they make up a significant portion of the crypto market.
During the recent recession, NFTs proved the mainstay for the market because of the investment they attracted. These factors have led to a new course for investments from individuals and big corporations. These investors are thinking of making their investments most productive to set new earnings records.
One of these is Walmart, which might venture soon into the metaverse. There are many signs of their involvement in the NFTs business and announcement of joining the race.
Here is a brief overview of the likely chances of Walmart joining the NFTs market and its possible impacts.
Signs Walmart might enter the Metaverse
Walmart is one of the leading names of capital owners in the market. It has been in business for years now and deals in various types of goods. Now, there is news that Walmart is weighing its options to join the crypto market to further its business.
A proof of it is from the US Patent and Trademark office. According to the mentioned office, Walmart applied on December 30, 2021, for cryptocurrency and other domains permission. If this application is accepted, Walmart will deal in crypto and NFTs.
There are seven applications that Walmart submitted to the mentioned office. When Walmart representative was asked about the new developments, they refused to comment on them. It is a step to expand their domain from traditional markets to futuristic markets, which will dominate the world in upcoming years.
Walmart representative called it a test of new ideas to help develop better services for consumers following the market. The applications submitted to the trademark and patent office mean that there was detailed planning going on as there is no unplanned step from giant corporations like Walmart. This step from Walmart seems to be following the footsteps of Facebook, which changed its name to Meta to expand its business.
Another name that has stepped into the metaverse is Nike, which partnered with Roblox and purchased RTFKT to strengthen its position and sell digital assets. There is no clear information on what goods Walmart will sell in the NFT market, but it will have something innovative related to the businesses it is already running.
It may sell NFTs as digital tokens for the physical objects that it sells. It is a big risk for this big corporation because of the possibility of failure.
The impacts of Walmart’s entry in Metaverse
As there are likely chances of Walmart’s entry to the metaverse, businesses weigh the impacts of this step. If Walmart enters the NFTs marketplace, there are chances that small vendors and dealers will be affected as it would be hard to compete with a company of this stature.
Walmart might also launch its cryptocurrency, which will attract investments that might impact other blockchain systems. As there is already hype about the investments in NFTS, it will attract further capital that might strengthen the weakening crypto market.
The entry of Walmart will also toughen the competition in the crypto market.
Walmart has filed applications for entry into the crypto market, and its target areas can be NFTs and cryptocurrency. If it happens, it will have significant impacts on the idea of the metaverse. As different companies are working on the metaverse projects, Walmart will help it develop and toughen the competition for other organizations. It is yet to be seen how successful its venture into this idea will be.