Could Walmart be a beneficiary of the metaverse?
- 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.
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
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).
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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
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:
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.