For those who don’t think the Metaverse has a future, it may be surprising to know that the giant retailer Walmart, which serves the average American, is planning to dive into virtual reality and launch its own NFTs and Walmart token cryptocurrency.
Amid the hype surrounding the Metaverse, retail giant Walmart unveiled its plans to enter the highly immersive AR/VR (augmented reality/virtual reality) and Block-chain based world. A look at Walmart’s trademark filings will tell you that the company wants to create its own NFTs and cryptocurrency, CNBC reported.
One of its trademark applications indicates possible health and nutrition classes and physical fitness training services that will take place in AR/VR environments. A separate filing indicates that Walmart would offer consumers a virtual currency and NFTs (non-fungible tokens).
According to a Walmart spokesperson, the company is continuously looking into how emerging technologies will shape the future of the shopping experience. They are always testing new ideas, and some become actual products or services that are offered to customers, while others they test, iterate, and learn from.
Other retailers have also unveiled their plans to step into the metaverse. For example, Nike aims to introduce virtual sneakers and NFTs while Adidas aims to sell out of its ‘aInto the Metaverse’ NFT collection. Gap also started to offer NFTs of their iconic logo sweatshirts.
This year, the market for transactions that take place in the metaverse are expected to reach $6.1 billion, as tech behemoth’s like Meta -formerly known as Facebook – unveil big plans of bringing deeper immersive experiences to the masses through the VR/AR-based technology in the future.
According to research firm Strategy Analytics, it is estimated that by 2026, the global Metaverse market will have reached nearly $42 billion globally.
The Social media giant Facebook, now known as Meta, said it will be spending over $10 billion to bring to life its vision for the metaverse.