Could Walmart be a beneficiary of the metaverse?

By:
on Jan 17, 2022
Listen
  • Walmart plans on launching its own virtual currency and a collection of NFTs.
  • The move is meant to position the retailer as a beneficiary of the metaverse.
  • The world's largest retail chain will report its quarterly results in mid-February.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Metaverse has been a hot debate in recent months, and it looks like the world’s largest retail chain, Walmart Inc (NYSE: WMT), wants a piece of it.

Walmart to launch cryptocurrency and NFTs

Copy link to section

Walmart is positioning itself to benefit from the metaverse. Over the weekend, news broke out that the retail giant plans on launching its own virtual currency and a collection of NFTs (non-fungible tokens).

The American multinational filed for seven trademarks on December 30th, showcasing its plans of selling virtual goods, including home decorations, personal care products, sporting goods, toys, and electronics.

In a different filing, Walmart expressed interest in introducing a cryptocurrency for its users and setting up a platform to buy and sell NFTs. WMT was flat on average in 2021, but MKM Partners’ sees upside to $165 a share this year that represents a little under 15% upside from here.

Walmart will report quarterly results in February

Copy link to section

Walmart topped expectations in Q3, and its results for the fiscal fourth quarter are scheduled for mid-February. In its statement on Sunday, the retailer refrained from disclosing the specifics of its trademark applications but said:

Featured Broker

Looking to invest?

Invest globally in stocks, options, futures, currencies, bonds and funds from a single unified platform, with our highest-rated broker.

Ad

Walmart is continuously exploring how emerging technologies may shape future shopping experiences. We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.

Several companies in recent months have made announcements that exhibit their strategy to be a part of the metaverse. Nike, for example, bought RTFKT (virtual sneaker company) and partnered with Roblox Corp to set up an online world called Nikeland.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Ad

Copy expert traders easily with eToro. Invest in stocks like Tesla & Apple. Instantly trade ETFs like FTSE 100 & S&P 500. Sign-up in minutes.

10/10

eToro offers real assets only, no CFD products. eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.

Get demo account
USA North America Retail Stock Market World