It’s no surprise that Walmart wants to be a part of the emerging metaverse as the world becomes increasingly digital and people engage in a virtual area. Metaverse is an artificial intelligence platform that extends beyond Facebook Meta, a popular social networking platform. The mega-retailer has revealed its aims to improve users’ purchasing experiences in the metaverse.
In a video tweet, Walmart recently demonstrated what shopping in the metaverse would be like a few days ago. The video became popular immediately on the internet. Walmart has also announced the development of its cryptocurrency and non-fungible tokens.
Metaverse Adoption Surges
Walmart intends to sell its products on the virtual market while providing users with augmented reality. The retailer now has seven patent applications and trademarks pending with the US Patent Office. Electronic appliances, home decor, toys, sports equipment, personal care products, health classes, and physical training services are among the virtual products available.
Many businesses are considering transferring their operations to the metaverse. As a result, Walmart will not be the first to accomplish this. According to Josh Gerben, a trademark attorney, Walmart focuses on addressing cryptocurrency and fitting into the metaverse and the virtual world. The company is now experimenting with various ideas to create a virtual market for its items.
According to Walmart, customers can buy in the metaverse and deliver their purchases to their houses. Walmart hopes to lower transaction costs by developing its cryptocurrency and NFTs. NFTs will be used to verify the authenticity of high-end products and luxury brands.
Other retailers, besides Walmart, are looking into the metaverse. NFTs of Gap’s logo sweatshirts are now available. On OpenSea, the largest NFT marketplace, Adidas NFT, Under Armour, is sold out and costs a premium price. Apart from NFTs, Adidas purchased land through Sandbox VR, a virtual real estate firm. Adidas’ lifestyle label debuted the “Into The Metaverse” collection, created with Yuga Labs. On December 17, the companies sold 30,000 NFTs in a matter of minutes for 0.2 Ethereum ($800).
Gucci will collaborate with Roblox to sell merchandise online. By cooperating with Epic Games, a video game firm, Balenciaga is launching the sale of its clothing in a virtual store. Louis, the game is a way for Louis Vuitton to show off its brand. Furthermore, Nike has worked with RTFKT, a digital sneaker firm, one of the most popular metaverse companies. RTFKT sold $3 million in virtual sneakers in less than seven minutes.
Retailers are constantly exploring the metaverse, which is unquestionably a win-win situation for them. Although the Metaverse is still expanding, none of these businesses want to be left behind as they seek to participate in the new technology. Also, retail companies and brands are moving into the metaverse because of the substantial revenue streams. Users will benefit from an unrivaled shopping experience with lower prices, greater accessibility, and greater convenience.