The famous Walmart company specializing in mass distribution and valued at 356.57 billion billion had already signaled its intention late last year to sell digital assets through the metaverse, but blockchain technology and cryptocurrencies are now the focus of the company’s digital strategy for years to come.
Walmart confirms the integration of cryptocurrency into the company’s business strategy
The American giant said through its chief technology officer, the so-called Suresh Kumarthat cryptocurrencies would be at the center 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 inside 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 transact. And we want to be sure to follow this trend in the best way possible, so that the process is as simple as possible for our customers. »
This vision reflects the confirmation of a change of direction for the company, which has already begun to initiate this transition during the previous year. Indeed, several patents were filed with the United States Patent and Trademark Office (or in French the American Patent and Trademark Office) in the month of December 2021. And some of these patents are related to new technologies and more specifically to the sale of digital goods.
Via a message posted on Twitter on September 26, Walmart has announced two virtual experiences available through the game metaverse Roblox. This decision is part of a desire to reach a new audience, often younger, who does not necessarily go to the company’s physical stores but could 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, and more specifically Walmart customers, to discover new products at a time when consumption habits are increasingly changing and subject to trends. The director says in this regard:
“I think we are going to see a complete overhaul in terms of payment methods and options available. »
Thus, it would not be surprising to see in the near future a collection of NFTs, a specific payment card as well as a cryptocurrency dedicated to Walmart and usable in all stores to make 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 them a new way to reach their consumers.
NFTs are increasingly used to create unique digital experiences, 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 has partnered with Roblox in order to build a metaverse called Nike Land in which the brand will offer digital goods for sale in the image of its flagship products.
Moreover, Nike went even further than that with the acquisition of the startup. RTFKT, specializing in the creation of digital shoes in the form of NFTs. Last February, Nike also filed a complaint against StockX, a US-based platform that used images of its shoes in the context of NFT sales.
It is also possible to cite Ralph Lauren Where Dolce & Gabana both of which have auctioned artistic NFTs, which have also posted record figures amounting to several million dollars.
Regarding Walmart, the American giant is now using the blockchain, but mainly internally to manage logistical issues relating to its stocks, such as the origin of production of some of its products, for example. But the real challenge remains the consumer according to Suresh Kumar. It emphasizes and states:
“We’re starting to see exactly how customers research, discover and engage with new products. »
According to data from the Boston Consulting Group (BCG), it is estimated that the metaverse market exceeds the bar of 400 billion dollars in terms of valuation from here 2024. This would explain why brands are moving more and more towards the integration of this technology.