1 —Walmart is quietly preparing to enter the metaverse.

    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.

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.

 Why this is important for your business:

 The metaverse is real and small business owners should be paying attention. Within the next few years we’ll be seeing more and more meetings, events and other activities taking place as millions are now doing in gaming.  We’ll have our own avatars and attend functions in this virtual world. Certain locations will be hot properties. Digital products from furniture to artwork will be bought and already knows they’ll be the biggest participants. Big brands like Walmart are already staking their claims.

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.

Covid pandemic sees Walmart expand

Last year reported that Walmart’s marketplace had grown to an estimated 70,000 sellers in 2020 - growth that was fueled by the explosion in online shopping sparked by the Covid-19 pandemic.

To staff its ever-expanding supply chain Walmart is in the midst of an ongoing , as it seeks to hire a further 20,000 people.
Among the thousands of extra supply chain roles it has already filled are fork-lift operators, order fillers, shipping loaders, power equipment operators, diesel technicians and drivers. 

Walmart’s continued expansion is also being fuelled by significant investment in technology, as it rolls out high-tech automation systems, as well as next-gen grocery distribution centres, which distribute products to stores. 

Technology boosts Walmart market share  

Lockdown might have presented Walmart with an unexpected opportunity for growth but it has grasped this nettle with both hands. In terms of increased retail market-share over the past two years, it is rivalled only by Amazon. 

Walmart is a fascinating company - a prototypical American Dream success story of monumental proportions. 

Today, it serves around 220 million customers a year and has 10,500 stores in 24 countries, as well as a huge global e-commerce presence. It also employs 2.2 million associates worldwide. In 2021, its revenue was US$559bn. 

It’s a far cry from the company’s genesis in 1945, when demobbed soldier Sam Walton used a $20,000 loan from his father-in-law to buy a BenFranklin variety store in Newport, Arkansas. The store was a franchise of the Butler Brothers chain.

The Walmart way built on discounts

From the very beginning, Walton’s watchword was ‘discounts’. “You can lower your mark-up but earn more because of increased volume," he explained.

Walton also believed discount stores could thrive in small towns, with populations of 5,000 or fewer. The Butler Brothers management didn’t agree with him, and so Walton struck out on his own, opening his first Walmart store, in Rogers, Arkansas, in 1962. 

Within six years Walmart had expanded beyond Arkansas, opening stores in Missouri and Oklahoma, and in 1969 it became a public company. Just two years later, Walmart stock was being traded on the New York Stock Exchange.