Large Corporations Show Interest in the Metaverse

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

by Crista Yamasaki

Just shy of the new year, Walmart Inc. filed for patents that indicate the company’s shift into the digital marketplace in the form of virtual products, a native cryptocurrency, and an offering of NFTs.  The extent to which Walmart will incorporate all these digital assets into their business model is yet to be determined, however an entry into the metaverse is extremely likely.  From the language on the pending patents, Walmart’s NFTs will correspond to digital and possibly real products. The investment into these patents is significant in outlining the future for how large corporations will interact with their consumer base. 

This business model shift sets the stage for how the mainstream global economy will interact with the crypto and digital space moving forward, however, Walmart is not the first large corporation to make this move. In December, Adidas made its entry into the NFT marketplace through a collaboration with three popular lines of NFTs as a way to promote the brand and offer membership into an exclusive club. Owning one of these NFTs gives the holder access to limited edition products and more. Other retailers like Under Armour, Coach, and Nike have done similarly to expand the reach of their brand, and the list only continues to grow.   

Emergence of patents and collaborations represent a few indicators at the influx of interest into the metaverse and digital products.  A look into the job market reveals postings and recruitment for digital currency, NFTs, and blockchain technology grow each day.  This doesn't imply that each company is looking to invest as heavily as Walmart and Adidas; it merely exhibits a trend among businesses to have an understanding of the space and prepare for the future of digital reality and commerce.