Walmart Is Considering Investing in Cryptocurrency and NFTs

According to reports, Walmart is planning to establish its own cryptocurrency.

According to recent trademark filings obtained by CNBC, the Bentonville-based retail giant Walmart is preparing to enter the crypto and non-fungible tokens (NFTs) markets.

According to one of the files, America’s largest private employer aims to launch its own cryptocurrency.

The retail giant is also preparing for the “metaverse” by aiming to secure trademark protection for a variety of virtual items such as electronics, skincare products, electronics, and others.

Josh Gerben, head of Gerben Law Firm, told CNBC that Walmart has put a lot of effort into its cryptocurrency venture:

“There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”

The company began hosting Bitcoin ATMs at several of its US shops in October.

This followed the company’s unintentional involvement in a bitcoin pump-and-dump operation in September. Scammers produced a fraudulent news release about Walmart embracing Litecoin, sending the price of the original cryptocurrency skyrocketing until the retail giant disproved the bogus statement.

The company’s shift to cryptocurrency is not surprising. It began looking for a bitcoin and blockchain specialist in August.

According to a recent Morning Consult study, Walmart customers are more likely to own Bitcoin than the typical American.

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Patrick

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