Walmart is gearing up for a run at the metaverse in 2022, including exploring the realms of cryptocurrency and NFTs, recent trademark filings show. As investments are made in the metaverse, different companies are looking into the industry, even those outside of the traditional tech space. Currently leading the charge to an augmented reality (AR) and virtual reality (VR) future is Meta, the company that owns Facebook and Oculus. The technology company changed its name to Meta last year in an effort to go all-in on the metaverse. Now, the United States' largest big box retailer, Walmart, is entering the market despite flops at similar endeavors in the past.
A metaverse is a more interactive version of the online world of today. More specifically, the metaverse uses VR and AR to create the sensory perception of reality in a digital world. Think of it as a 3D version of the internet, where online games and services exist in a "real" world within its own digital environment. Though the concept is being marketed by its investors and pioneers as a positive leap for the internet, that could improve life for many people, it's not as clear cut as one might think. Experts have warned the metaverse could be disastrous to mental and physical health, leading to more cases of body dysmorphia and reality-warping.
Walmart, the unlikely entrant to the metaverse race, has recently filed trademarks with the U.S. Patent and Trademark Office related to the metaverse. Walmart told CNBC it is "continuously exploring how emerging technologies may shape future shopping experiences," but would not comment on individual filings. The wide variety of applications, filed on December 30th, 2021, cover everything from cryptocurrency, NFTs, and the metaverse. Ever since Meta changed its name to reflect its support for the metaverse, companies raced to develop the technology. It only makes sense that the largest retailer in the country would explore how to best adapt the tech to the shopping industry.
Walmart Seeks Virtual Shopping Experiences
As technology reaches new highs in the shopping industry — and the pandemic derails traditional browsing habits — the retail space is experiencing new frontiers. On one hand, people are lining up outside of stores for their chance to safely shop at their favorite places. On the other, retailers are trying to incentivize customers to pickup their items by contactless means or by ordering ahead. That's why Walmart is exploring a mix of physical and digital goods in the metaverse. The company filed trademarks for use of "Verse to Home," "Verse to Curb," and "Verse to Store," seemingly reflecting the different ways customers shop today.
Aside from the more conventional uses of the metaverse in sales, Walmart also details other emerging technologies in the trademark filings. The company describes new digital services, like fitness or education classes, that exist solely in VR/AR. They've trademarked their logos and branding for use in the metaverse, and have even mentioned adding cryptocurrency and NFTs in digital markets. Though the company has highly explored virtual shopping experiences in the past, to little success, the new value placed on the Metaverse could help the company succeed in round two. Walmart wouldn't be the only company to have a rocky start in the metaverse, but it does have the resources to overcome the challenges that emerging technologies can present.
Source: CNBC