Walmart stakes claim on metaverse—with little evidence it plans to live there

Walmart seems prepared for an all-out blitz of the metaverse, thanks to a series of trademark filings that extend its central brand and logo across seemingly every imaginable application—including a full range of cryptocurrency, NFT and other metaverse services for suppliers. But the 21 extensively detailed trademark filings on Dec. 30, first reported by CNBC, do not include anything that appears to be a proprietary Walmart cryptocurrency name. They appear to be mostly a matter of Walmart staking its claim to trademark real estate in the metaverse just in case any of those applications ever become real-world initiatives. Subscribe to Ad Age now for the latest industry news and analysis. The filings extend the Walmart name, the Walmart Connect media business and their related starburst logos to almost every imaginable area of the metaverse, including virtual healthcare visits, NFTs and all manner of electronic transactions. Among the more interesting aspects is the giant retailer moving to extend its Walmart Connect trademark—which covers advertising services for suppliers—across a range of offerings that include cryptocurrency-related financial services. Though it has never opened its own bank, Walmart has long sought to make inroads into financial services. The retailer has, for example, its own money transfer service in partnership with MoneyGram that competes with Western Union and its own Walmart Pay digital wallet. But the trademark filings cover the possibility of extending its reach deeper into financial services, by processing cryptocurrency transactions and potentially eliminating or reducing transaction fees, it has long struggled over with credit and debit card processors through decades of litigation. Conceivably, Walmart could let users set up their own cryptocurrency wallets online to cover payments either directly or to third-party sellers, bypassing financial institutions. The filings also extend Walmart Connect to cover data and software services for suppliers, which the retailer has been developing via its Walmart Data Ventures unit and a partnership with Dunnhumby, which formerly was partly owned by rival Kroger Co. and still works closely with U.K. retailer Tesco. There aren’t many specific new trademarks to suggest imminent activity, with three exceptions. The retailer has filed for “Verse to Store;” “Verse to Home;” and “Verse to Curb” trademarks that drop the “Meta” to cover Walmart site-to-store and Walmart+ delivery options from the virtual realm to the physical. “Walmart is continuously exploring how emerging technologies may shape future shopping experiences,” a Walmart spokeswoman said in a statement. “We don’t have anything further to share today, but it’s worth noting we routinely file trademark applications as part of the innovation process.” Get the latest Ad Age Super Bowl 2022 news here. Walmart appears to be out in front of its leading retail competitors, at least on trademark coverage in the metaverse. Searches of the U.S. Patent and Trademark Office database show Amazon, Target and Costco have no similar trademark applications covering the metaverse, cryptocurrency or NFTs. “Anytime one of the large retailers adopts something new, it certainly makes others in the space sit up and take notice,” said Ryan Gibson, director of strategy at performance marketing agency Adlucent. He expects the filings at least partly involve “future-proofing” the Walmart business. Rick Wilson, CEO at Miva, which provides e-commerce software and solutions, characterized coverage of the trademark filings as a “meaningless and attention-grabbing headline” that “has no impact whatsoever on the economy and real-world shoppers.” Don’t miss the latest news. Sign up for Ad Age newsletters here. Bigger needs for Walmart shoppers, he said, include solutions to actual systemic retail problems such as supply-chain and inventory issues and ongoing competition from Amazon. “Paying for a one-of-a-kind jpeg of bananas in crypto is meaningless and ridiculous,” Wilson said. “Virtual shopping for virtual goods will absolutely become a growing part of our economy, but it will be centered around businesses which have a legitimate, organic reason to be in the space. Think of Epic Games and how they sell digital goods in Fortnight as a great example. Sellers who are curious about accepting digital currency or offering digital products should consider if there is a natural reason for their customers to use them.”

Walmart stakes claim on metaverse—with little evidence it plans to live there

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