Walmart plans to enter Metaverse, sell NFTs

Amid the buzz around Metaverse, retail giant Walmart has revealed plans to enter the field of highly immersive virtual reality/augmented reality (VR/AR) and Blockchain-based world.

Walmart's trademark filings indicate that the company is looking to establish its own NFTs (non-fungible tokens) and cryptocurrency, reports CNBC.

One of the trademark applications details possible "physical fitness training services" and "classes in the field of health and nutrition" that could take place in VR/AR environments.

In a separate filing, the company said "it would offer users a virtual currency, as well as non-fungible tokens, or NFTs," the report said on Sunday.

"Walmart is continuously exploring how emerging technologies may shape future shopping experiences," a Walmart spokesperson was quoted as saying in media reports.

"We are testing new ideas all the time. Some ideas become products or services that make it to customers. And some we test, iterate, and learn from," according to the company.

Other retailers also have plans to enter metaverse, like Nike that aims to introduce NFTs and virtual sneakers while Adidas selling out of its aInto the Metaverse' NFT collection.

Gap has also started selling NFTs of its iconic logo sweatshirts.

The market for transactions in the Metaverse is expected to reach $6.1 billion this year, as tech giants like Meta (formerly Facebook) aim big on the VR/AR-based technology to bring deeper immersive experiences to billions in the future.

The global Metaverse market is forecast to hit nearly $42 billion globally by 2026, according to research firm Strategy Analytics.

Social media giant Facebook has said it will spend more than $10 billion to build out its vision for Metaverse.