Walmart another great company that enters the world of cryptocurrencies

Walmart, the world's largest company by revenue, appears to be positioning itself for a journey into the world of crypto and non-fungible tokens (NFTs). The company is also laying the groundwork to produce its own cryptocurrency to compete with Bitcoin and Ethereum.

Walmart may be the next company to enter the Metaverse.

According to a CNBC report on January 16, the company has filed numerous lawsuits with the US Patent and Trademark Office for virtual products, embedded electronics, toys, and more.

A trademark lawyer, Josh Gerben, suggests that Walmart has put a lot of work into its Metaverse moves. "They're super intense. Which shows there's a lot of planning going on behind the scenes as to how they're going to approach cryptocurrency, how they're going to approach the metaverse and the virtual planet that seems to be coming or is already here," Gerben told CNBC.

As an example of this, Walmart plans to launch its own cryptocurrency. While no official statement has yet been made, Walmart's move into crypto and NFTs should come as no surprise as in August, the company disclosed a slate for the position of head of crypto and blockchain.

Then in October, the big retailer dropped bitcoin ATMs at dozens of its stores across the United States. This was revealed shortly after Walmart became entangled in an addicted pump-and-dump scheme. A press release referring to a partnership between Walmart and the Litecoin Foundation appeared online, causing a ballistic spike in the cost of LTC. However, massive marketing ensued when the mega-corporation confirmed the ad to be false.

The NFT market has immediately matured and expanded over the past year, with several big-name brands making monumental plays for tokenizable digital collectibles and virtual goods.

One of the first brands adopted by the Metaverse was Facebook which made it known that it was changing its brand to Meta and adopting NFT to gain a virtue in the metaverse. Then less than a week later, Nike, another of the larger company, filed numerous trademark lawsuits that revealed its intentions to sell downloadable virtual goods. The sportswear juggernaut ventures further into the metaverse to market the NFT sneaker review, RTFKT.

Haute couture houses like Burberry, Louis Vuitton and Gucci have also jumped on the bandwagon and released their own NFTs that have the potential to be used in metaverse applications.