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International retail titan Walmart grabbed attention around the same time last year when it submitted applications for several new trademarks, indicating its ambition to produce and provide virtual goods in the metaverse, with intentions to develop its own digital assets and collection of NFTs. Suresh Kumar, the global chief technology officer of Walmart, said that cryptocurrency "will become an important component of how people transact" while speaking at the Yahoo Finance All Markets Summit. Kumar claims that the team is working to simplify bitcoin transactions for users so they may profit from them as well.
CTO of Walmart (Photo by Harry Murphy for Collision 2022)
It's quite exciting to see Walmart branch out into new industries like retail and cryptocurrencies like blockchain. Amazingly, Walmart has embraced blockchain technology, allowing companies to track their items from the start of manufacture to the ultimate customer. Additionally, according to Kumar, Walmart may use metaverse to collaborate with other social media platforms and offer customers a better online shopping experience based on their interests.
Brands may engage with customers that wish to spend more time in virtual worlds or the metaverse by using NFTs to develop distinctive digital experiences. This might be a great opportunity for Walmart to attract younger customers. There are other businesses keen to cooperate in the metaverse market. For instance, Gap has started selling NFTs of sweatshirts with its brand, and the clothing retailer Urban Outfitters has registered trademarks with the potential to open a virtual store.
Additional Thoughts
How does Walmart's virtual currency improve the customer experience? How does the company want to integrate cryptocurrencies into the retail market? I'm interested to see what the uses of the metaverse for marketing, retail, and payment may entail in the future for digital goods. I'm curious to know if Walmart would collaborate with unconventional businesses like Strike that operate on the layer-2 Lightning network based on the Bitcoin blockchain, or if they'll remain with traditional payment options like Mastercard and Visa.
International retail titan Walmart grabbed attention around the same time last year when it submitted applications for several new trademarks, indicating its ambition to produce and provide virtual goods in the metaverse, with intentions to develop its own digital assets and collection of NFTs. Suresh Kumar, the global chief technology officer of Walmart, said that cryptocurrency "will become an important component of how people transact" while speaking at the Yahoo Finance All Markets Summit. Kumar claims that the team is working to simplify bitcoin transactions for users so they may profit from them as well.
CTO of Walmart (Photo by Harry Murphy for Collision 2022)
It's quite exciting to see Walmart branch out into new industries like retail and cryptocurrencies like blockchain. Amazingly, Walmart has embraced blockchain technology, allowing companies to track their items from the start of manufacture to the ultimate customer. Additionally, according to Kumar, Walmart may use metaverse to collaborate with other social media platforms and offer customers a better online shopping experience based on their interests.
Brands may engage with customers that wish to spend more time in virtual worlds or the metaverse by using NFTs to develop distinctive digital experiences. This might be a great opportunity for Walmart to attract younger customers. There are other businesses keen to cooperate in the metaverse market. For instance, Gap has started selling NFTs of sweatshirts with its brand, and the clothing retailer Urban Outfitters has registered trademarks with the potential to open a virtual store.
Additional Thoughts
How does Walmart's virtual currency improve the customer experience? How does the company want to integrate cryptocurrencies into the retail market? I'm interested to see what the uses of the metaverse for marketing, retail, and payment may entail in the future for digital goods. I'm curious to know if Walmart would collaborate with unconventional businesses like Strike that operate on the layer-2 Lightning network based on the Bitcoin blockchain, or if they'll remain with traditional payment options like Mastercard and Visa.
