Is Walmart preparing to enter the metaverse?

Retail giant Walmart Inc. appears to be preparing to enter the Metaverse, with patent filings indicating that it plans to create its own cryptocurrency and NFT line.

The multinational retailer filed several new trademarks with the U.S. Patent and Trademark Office on Dec. 30, however, they went unnoticed until Jan. 16, when CNBC's A report further revealed Wal-Mart's ambitions.

Walmart filed a total of seven patent applications at the time, including three for its existing advertising division, Walmart Connect.

The apps include programs to create and sell "virtual goods," including electronics, toys, appliances, clothing and home decor, among others. There is also mention of "digital currencies" and "digital tokens," as well as opportunities to buy and sell NFTs.

Meanwhile, a separate application indicated plans to trademark Walmart's brand name and logo in virtual reality (VR) and augmented reality (AR), and potentially introduce "physical training services" in VR and AR.

It's the latest in a string of recent events suggesting Walmart's interest in the Metaverse. In August, the retail giant listed a job opening for a “head of digital currency and crypto products” to drive the digital currency strategy.

The job listing has since been removed, but it's unclear if anyone has filled the role. A LinkedIn search for a Walmart employee with the position turned up nothing.

Back in October, Walmart also partnered with cryptocurrency ATM company Coinstar and cryptocurrency exchange Coinme to install 200 Bitcoin ATMs in stores across the United States.

In addition, Walmart began using blockchain technology in supply chain management, customer marketing, and smart home appliances in 2018.

According to analysts at Morgan Stanley, the Metaverse could represent an $8 trillion opportunity for retailers.

In the third quarter of 2021, Walmart's sales hit $11.1 billion, according to Digital Commerce 360. Walmart is the largest private employer in the United States, with a market capitalization of more than $406 billion. It operates a chain of supermarkets, discount stores and grocery stores.