Walmart just made an announcement that’s sending ripples through the metaverse. The world’s largest retailer by revenue is experimenting with a myriad of ways to connect its millions of customers to virtual worlds.
According to VP and general manager of metaverse commerce at Store No. 8, Thomas Kang, one of Walmart’s primary goals is to power metaverse commerce. While the company has no plans of replacing the real world with the virtual, it is working hard to “connect” physical and virtual products to create a better and safer experience for customers.
Kang said the company is well-positioned to help “companies and brands sell their products in virtual worlds,” and that it could use its physical locations to boost sales and giveaways of virtual assets. Notably, 90% of U.S. citizens live within 10 miles of a Walmart.
One example given was Walmart’s fashion brand Scoop, which now sells virtual clothing and wearables in Zepeto — a South Korean mobile metaverse that is quickly rising in prominence.
Another is ‘House Flip,‘ a mobile game that enables players to renovate and sell virtual homes. Walmart now sells the same items for physical houses at its stores that can be bought for virtual houses in the metaverse game. In other words, Walmart is bullish on virtual assets that are accompanied by a real-world component or twin.
Kang went on to say that Walmart intends to build “metaverses for everyone” that can be accessible via any device, and that the company has an emphasis on creating safe, secure, virtual spaces for its customers.
Also worth noting, Walmart has been quietly acquiring AI and machine learning startups recently, which will likely serve its metaverse ambitions when the time comes. Over the next year, Walmart aims to roll out more experiences and products in the metaverse.
Walmart Has Been Tip-Toeing Into Web3 for Years
The latest news isn’t Walmart’s first foray into the metaverse, but it is certainly the most bullish Web3 talk we’ve heard from the global retail giant. Other e-commerce companies like Alibaba and Amazon have also been investing in Web3 technologies with caution, as might be expected by such big companies.
At Rarity Sniper, we’ve been here to cover all the stories about Walmart in Web3. Here are the top three headlines.
First, about three weeks ago, Walmart partnered with Spatial and People of Crypto Lab for a new metaverse experience called Cultureverse. The virtual world experience was created to celebrate the 50th anniversary of Hip-Hop.
Next, about a year ago, Walmart officially entered the metaverse with the launch of Walmart Land on the gaming platform Roblox. The metaverse space served as a testing ground for future Web3 activations. So far it has hosted virtual concerts, mini-games, showcased beauty products, and much more.
Finally, nearly two years ago, news dropped that Walmart had applied for seven Web3 trademarks. The trademarks revealed the company’s plans to sell and manufacture virtual goods in the metaverse and create its own crypto and NFT collections.
Web3 natives may be tired of the relentless bear market, but that isn’t stopping major brands and companies like Walmart from entering the space. The fact that Walmart is now undeniably bullish has big implications for Web3 that are sure to play out in the future. At Rarity Sniper, we’ll be on the lookout for any updates to the story.