Walmart is reportedly planning to create its own cryptocurrency and collection of non-fungible tokens (NFTs).
CNBC reports the national big-box retailer filed several trademarks last month that show its intent to produce and sell virtual goods, as well as a separate filing in which it said it intended to offer virtual currency and NFTs, according to the U.S. Patent and Trademark Office.
In total, Walmart filed seven different applications for trademark, all of which were filed on December 30, according to CNBC.
“They’re super intense,” said Josh Gerben, a trademark attorney, via CNBC. “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 acknowledged that many businesses have expressed interest in focusing on venturing into the metaverse ever since Facebook announced its intention to change its company name to Meta.
Nike is among the major companies that have already applied for trademark applications that preview plans to sell virtual branded items in early November, before later announcing its partnership with Roblox to create an online world called Nikeland.
Nike also purchased the virtual sneaker company RTFKT (pronounced “artifact”) for an undisclosed amount last month.
Two of the company’s primary competitors, Under Armour and Adidas, already sold out products upon making their respective NFT debuts last month and have since set higher prices on the NFT marketplace OpenSea, according to CNBC.
Gerben also said other apparel retailers that have filed trademarks recently in relation to NFT include urban Outfitters, Ralph Lauren and Abercrombie & Fitch.