- Sam’s Club, a subsidiary of Walmart, files for blockchain-related patents.
- Trademarks include virtual goods, digital currency, NFTs, VR healthcare, and education services.
- Walmart has shown interest in blockchain technology, including NFTs and Metaverse.
- Companies from various industries, including finance and footwear, are entering digital assets market.
- Rumors of established companies, like Amazon and Pedigree, entering metaverse and NFT market.
Sam’s Club, a subsidiary of Walmart, has taken a major step in exploring the potential of blockchain technology. The company has filed several patents related to cryptocurrencies, non-fungible tokens (NFTs), and virtual reality. This move shows that the company is keeping an eye on the latest technological advancements and is considering ways to integrate them into its operations.
Walmart and Sam’s Club have filed for several new trademarks related to blockchain services. These trademarks, numbered 97775159 and 97775152, aim to allow the retail giant to offer a variety of virtual goods, including toys, sports equipment, personal care items, and home decor. The trademarks also mention the launch of a digital currency and NFTs, as well as virtual and augmented reality healthcare and education services.
The plans for a digital wallet and other software to manage digital assets further suggest that the company is serious about exploring the potential benefits of blockchain technology.
While the exact nature of Walmart’s plans in the blockchain space is not yet known, the filing of these patents suggests that the company is taking a serious interest in the potential benefits that blockchain technology, cryptocurrencies, and NFTs can offer. This could include new revenue streams, improved efficiency and security, and a more immersive shopping experience for customers, among others.
Walmart has been keeping a close watch on the advancements in blockchain technology for some time. In 2018, the company launched bulkcoin for Sam’s Club members, indicating its early interest in digital currencies. More recently, in 2022, reports emerged that Walmart was preparing to enter the Metaverse and it filed for its first set of NFT-related trademarks in late 2021. These actions demonstrate that Walmart is not only aware of the potential benefits of blockchain technology, but it is also actively looking for ways to integrate it into its business operations.
The recent slump in institutional investment in cryptocurrencies, brought about by the collapse of FTX, has not dissuaded numerous big corporations from entering or planning to enter the digital assets arena. These companies come from a diverse range of industries, including finance, footwear, and music. Nike, for instance, experienced remarkable success in its NFT store last year, with the marketplace generating a substantial $185 million in revenue in a short time after its launch. This success led the footwear company to announce the creation of its web3 platform.
Fidelity, a company that has maintained a strong interest in Bitcoin since 2014, broadened its presence in the cryptocurrency sector in 2022 by incorporating Bitcoin into its 401(k) pension plan offering. Additionally, the investment firm extended its commission-free Bitcoin trading to over 30 US states and filed for more cryptocurrency, NFT, and metaverse-related trademarks at the end of December. These moves by well-established corporations from a variety of industries show the growing acceptance and adoption of digital assets, regardless of market turbulence.
In the early weeks of 2023, a number of established companies have expressed interest in the digital asset market. Pedigree, a well-known pet food brand, recently made its entrance into the metaverse with a mission to boost dog adoptions in the real world. Additionally, rumors have been circulating that Amazon is preparing to launch its NFT and web3 gaming initiative, with a slated announcement planned for this April. These moves by established corporations highlight the increasing attention and potential of digital assets.
Overall, Walmart’s recent patents related to cryptocurrencies, NFTs, virtual reality, and augmented reality healthcare and education, as well as its plans for a digital wallet, demonstrate its commitment to exploring the potential of blockchain technology. As the company continues to consider the integration of these technologies into its business operations, it is likely that we will see further developments and announcements from Walmart in the coming months.
This article first appeared on the tokenist.com.
Image courtesy of Shutterstock
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