Metaverse is a word inspired from Science fiction novel Snow Crash meaning the meta universe. It is a 3D network of the internet converted to a virtual reality. It uses technologies like Virtual and Augmented realities to get people to the virtual world. Various meta-versions like Second Life have already been created. There are virtual worlds that have an integration of the imaginary world and the real world as well as integration of virtual Economics to it.
Walmart is an American company- a retail corporation which operates various centres called Supercentres. The company has its headquarters in Rogers, Arkansas. It has various departmental stores under it along with grocery stores. As of January 31, 2022 Walmart was seen to have 10,593 stores and clubs in 24 different countries. All of these operate under 48 different names.
The company has different names in different countries. It is known as Walmart in Canada and the United States. According to the Fortune Global 500 list of the year 2020 walmart is the highest revenue generating company across the world. It has its roots from the 1990s and was listed in the New York Stock Exchange in the year 1972 and by 1988 it was the most profitable retail company across the entire US.
Is Walmart taking a step towards Metaverse?
Metaverse is not fully existent but there are certain platforms which do have elements prevalent in metaverse. The closest one can experience the metaverse element are the video games. The technology has grown rapidly and developers have pushed the boundaries of the virtual world to create digital economies. Cryptocurrency is the best fit which allows to create currencies with different utility in the digital world. Cryptocurrency in such scenarios is transparent and reliable as it cannot be edited at any point of time.
Metaverse though is a hot topic but is not a complete reality and won’t become so for the next 10 years. This is because ambient computing is what needs to be achieved before we talk of metaverse. By ambient computing it means that when there is a computer anywhere and everywhere we look at and a screen can be fitted into everything around.
When in future we move to metaverse we need a reliable source to show the ownership of the assets. While showing this ownership it is necessary that we feel safe and have transparency. This is where blockchain technology plays a vital role in the metaverse world.
It appears that Walmart is willing to venture into the metaverse by creating its own cryptocurrencies and NFTs.
The big retail giant has made many trademarks and is willing to venture into selling virtual goods. These goods would include everything from home decor to electronic goods. It also made a statement that it is set to offer its users virtual currencies as well as NFTs.
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According to the U.S. patent and trademark office walmart has already filled the application on December 30 for the concepts. It has filed 7 applications in total to explore the new ideas that are coming up in the world.
Walmart did make a statement saying it is set to adapt to the change that the world is set to welcome. It is set to explore new shopping experiences that the world will witness in the coming decades but no statement was made when asked about the application filling to the trademark office.
The company said that it learns in all its phases. It explores new ideas which sometimes become products and services. It tests and learns from its experimentation and iterations.
A trademark attorney Josh Gerben said that is too much that is hidden from the eyes. The corporation is on a sphere to explore and create its own cryptocurrencies. It still cannot be commented how it is going to address the concepts of virtual shopping and metaverse that’s about to come or is already here and spreading its wings.
Walmart is not the only company that has taken this step, Facebook has already announced and changed the name of the company to meta. Doing this Mark Zukerberg already announced his ambitions to move beyond what just social media is. He is moving with a similar aim of merging the Facebook world with the real world.
The CEO of Facebook said that now they will be known as Meta first instead of Facebook first. Their services no more would be limited to Facebook and an individual could use them without having to use Facebook. People in the future do everything virtually from interaction with one another to shopping and Economic transactions. He also revealed about the systems based on virtual reality and augmented reality being built by the company to strengthen the future metaverse.
This shows that all the big giants are set to adapt and move with the change the technology is adapting. The automated world will be the new future.
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Well nothing is still sure and can be said about how Walmart is set to go ahead and explore the new technologies taking over the world. What is sure is that Walmart is going to enter the metaverse. It is set to give you a virtual shopping experience where you would see things in front of your eyes which wouldn’t actually exist. On ordering the products you seem fit through digital currency it is going to be delivered to you that’s how a virtual shopping experience would look like.
It is not new and metaverse might seem complicated but does exist around you. It has not spread its wings to the full but it is very much there for you to experience. From all the VR games to 3D and 7D shows you see are nothing but a part of the metaverse.
It will still take decades to merge a virtual world and the real world and a lot of effort from the ends of the developers but this is what the world is moving towards.
There are various technologies that have taken shape and are interconnected and are a part of this virtually real world. These technologies include Big data, Augmented reality, Internet of things, Virtual Reality and a lot more.
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FAQs (Frequently Asked Questions)
- Walmart has its own cryptocurrency. Is it true?
No, Walmart does not have its own cryptocurrency but it has tried to create its own cryptocurrency. It does have its own tokens called NFTs.
- Define metaverse coin.
Metaverse Coin is a terminology used to define a virtual world where people can be connected to buy and sell goods, play games and do a lot more of it.
- Is Walmart going to join Metaverse?
Walmart is willing to join Metaverse. It is moving into it with its tokens which are non-fungible NFTs and will be making a strong move in order to create its own cryptocurrency.
- Is there a need for Crypto in the metaverse?
Yes, there is an extreme need of crypto in the metaverse. Crypto is a digital currency and a metaverse virtual world. You can not carry your real currency in the virtual world but you need money to buy and sell goods in the digital world. Thus, you do need crypto in the metaverse.
- Name some Metaverse tokens.
Some of the metaverse tokens are:
Axie Infinity (AXS)
- State the significance of NFTs.
NFTs are tokens that exist on a blockchain. This means they cannot be duplicated and represent essential information like art and real estates. When we tokenize these items which are of real world buying and selling of them digitally with a technology like blockchain decreases the risk of fraudulent activities.
- Is blockchain the base of the metaverse world?
No, Blockchain is not the base of the metaverse but it is an essential part of the metaverse. Blockchain is an essential technology which helps people to protect their assets in the digital world.
What is the foundation of Metaverse?
Metaverse is being said to be built on Web 3.0.
- Thomas, L. (n.d.). Walmart is quietly preparing to enter the metaverse. CNBC.
- Walmart Is Joining The Metaverse. Are We Ready? (n.d.). Forbes.
- Roth, E. (2022, January 16). Walmart is getting serious about the metaverse. The Verge.
- Walmart prepares to go big on the metaverse, with its own NFTs and crypto. (2022, January 17). Fortune.
- Wright, W. (2022, February 22). Should Walmart set up shop in the metaverse? Experts weigh in. The Drum.
- Walmart is the next big company with plans for the metaverse. (2022, January 17). Business Insider.