Walmart will join a group of other companies with plans to claim their own corner of the metaverse.
The largest private employer in the US quietly filed several trademark applications in late December, which described their plans to sell virtual merchandise. CNBC reported on the applications.
Walmart is following in the footsteps of other companies, like Facebook, which has publicly announced its goals to invest and expand into the metaverse, a virtual space where people can interact digitally.
Walmart lists a variety of virtual goods it plans to sell, including electronics, appliances, apparel, home goods, toys, and personal care products. A separate filing shows the company's interest in creating its own payment method.
Walmart filed seven applications for trademark on December 30.
The company said in an email to Insider that it is exploring how emerging technologies may shape future shopping experiences. We don't have anything else to share today, but we file trademark applications as part of the innovation process.
Business leaders are unsure of how to create a metaverse. Morgan Stanley analysts said that the metaverse could be an $8 trillion opportunity, but it would be difficult to get consumers to buy into it. Walmart's online sales grew to $11.1 billion in the third quarter of 2021, according to a report, which could be useful for Walmart's metaverse ambitions.
A number of retailers are making their own metaverse experiences. Gap launched its first-ever NFT art collection last week, with digital art pieces starting at $9 a piece. Nike has spent over three years on patents for "cryptokicks", with the company establishing its Metaverse Studio and acquiring a digital sneaker company in December.
According to Josh Gerben, a trademark attorney, other apparel retailers have filed trademarks in recent weeks with the intent to open their own version of a virtual store.
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