The famous Wal-Mart company that specializes in mass distribution and is valued at 356.57 billion Billion people had already indicated their intention late last year to sell digital assets through the metaverse, but blockchain technology and cryptocurrency are now central to the company’s digital strategy for years to come.
Walmart is emphasizing the integration of cryptocurrency into the company’s business strategy
The American giant said through its chief technology officer, the so-called Suresh Kumarthose cryptocurrencies will be at the heart of their future digital strategy, starting today.
The latter said in an interview that the company envisions a future where digital assets will be used both in the virtual world, but also within physical stores, which in itself is a small revolution for the sector. To this, director Suresh Kumar also added:
Cryptocurrencies will become central to how consumers interact. And we want to make sure that we follow this trend in the best possible way, so that the process is as simple as possible for our customers. »
This vision reflects an affirmation of a change in direction for the company, which had already begun to embark on this transformation during the previous year. In fact, Several patents have been filed At the United States Patent and Trademark Office (or USPTO in French) in a month December 2021. Some of these patents relate to new technologies and more specifically to the sale of digital goods.
via a message posted on Twitter at Sept. 26Walmart has announced two virtual experiences available through the metaverse Roblox game. This decision is part of the desire to reach a new, often younger audience, which does not necessarily go to the company’s physical stores but can be exposed to the brand’s image through the gaming sector.
Suresh Kumar believes that the use and sale of digital assets can enable consumers, more specifically Walmart customers, to discover new products at a time when consumption habits are increasingly changing and subject to trends. In this regard, the director says:
“I think we will see a comprehensive reform in terms of payment methods and available options.”
Thus, it would not be surprising to see in the near future a set of NFTs, a specific payment card, as well as a cryptocurrency intended for Walmart and usable in all stores for making purchases.
Walmart isn’t the only company taking the lead in digital assets
Despite the volatility that has rocked the cryptocurrency market in recent months, many companies see great potential in Blockchain-related technologies. The latter can positively change their revenue streams as well as offer a new way to reach consumers.
NFTs are increasingly being used to create unique digital experiences and we can count Pringles, Hugo Boss or Taco Bell for example among the brands that have offered this type of virtual asset to their customers in recent times.
It will also be noted that Nike Partnered with Roblox In order to build a metaverse called Nike Land The brand will offer digital goods for sale as its flagship products.
Moreover, Nike went even further by acquiring the startup. rtfkt, specializes in creating digital shoes in the form of NFTs. last february, Nike also filed a complaint vs. StockX, a US-based platform that uses images of its shoes for NFT sales.
It can also be cited Ralph Lauren where Dolce & Gabbana Both have auctioned art NFTs, which have also set records at several million dollars.
Regarding Walmart, the American giant is now using the blockchain, but mainly internally to manage logistical issues related to its inventories, such as the origin of production of some of its products, for example. But the real challenge remains the consumer according to Suresh Kumar. confirms and mentions:
“We’re starting to see exactly how customers search, discover and interact with new products.”
According to data from Boston Consulting Group (BCG), the metaverse market is estimated to exceed the bar 400 billion dollars In terms of evaluation from here 2024. This would explain why brands are moving more and more towards incorporating this technology.