Recent filings from @Walmart, including 7 US trademark applications, indicate a well thought-out strategy to develop and sell virtual goods, #NFTs, and a #cryptocurrency.#web3 #NRF2022 https://t.co/3BokFQGi9T
— Brian Solis – briansolis.eth (@briansolis) January 17, 2022
So it looks like one of the biggest brands in the world is preparing to dip its toes in the Web3 waters. Walmart has filed a series of trademarks that seem to signal its desire to create a brand cryptocurrency as well as possibly sell virtual goods:
The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products. In a separate filing, Walmart said it would offer users a virtual currency, as well as NFTs.
According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30.
Recently, I wrote about how brands could leverage NFTs and cryptocurrency to incentivize customers to engage in certain activities. I suspect that many brands will to tie these emerging technologies to existing business processes, as much as possible.
For instance, if Walmart launched its own cryptocurrency, customers could be paid tokens based on activity, and then those tokens could be spent for items the store sells. For instance, make three visits to Walmart in one week? Get 5 tokens of its cryptocurrency. Maybe spending $100 gets you 10 tokens. This could be very similar to a loyalty program in that Walmart could use its new cryptocurrency to reward customers for engaging in desired activities.
In general, brands testing the Web3 waters will likely gravitate toward using these emerging technologies to solve today’s business problems rather than address tomorrow’s business possibilities. As the space matures and becomes more understood, we will no doubt see more progressive Web3 initiatives launched by brands.