Walmart (WMT) – Get Walmart Inc. Report is joining a number of other retailers who have established virtual retail stores and created non-fungible tokens, or NFTs, with plans to produce its own cryptocurrency.
The Bentonville, Ark., retail giant on Dec. 30 filed several applications with the U.S. Patent and Trademark Office, including one that seeks to establish a trademark for financial services for cryptocurrency, NFTs and blockchain technology; a financial exchange of virtual currency; creation of digital currency and tokens of value for use by the online community; issuance of NFTs for use with blockchain technology and various other services involving NFTs, cryptocurrency, virtual currency and digital currencies and assets.
Walmart also filed a trademark application for various downloadable software products for e-commerce, virtual marketplace, marketing, virtual reality, entertainment, video game consoles, tablet computers, mobile devices, payments and fund transfers, blockchain, cryptocurrency, digital currency, virtual currency and various other software uses.
The retailer seeks a trademark for a virtual retail store for all products, including electronics, appliances, indoor and outdoor furniture, home decor, toys, sporting goods, home improvement, apparel, entertainment recordings, video games, books, publications and most products that it sells in its brick and mortar stores.
Walmart’s foray into virtual retail, NFTs and cryptocurrency follows other retailers already in the game. The Gap (GPS) – Get Gap, Inc. Report on Wednesday launched its first NFTs on the Tezos blockchain, ranging in price from $8.30 to $415, which come with a limited edition, collectible Gap hoodie.
Nike (NKE) – Get NIKE, Inc. Class B Report in October filed an application with the Patent and Trademark Office seeking a trademark on its downloadable virtual goods, including footwear, clothing and accessories for use online; retail store services featuring virtual goods; and entertainment services providing online non-downloadable products.