Following the lead of several global multinationals, retail giant Walmart (NYSE: WMT) is set to climb the Metaverse bandwagon.
Walmart recently filed several new trademarks with an intent to make and sell virtual goods. The retailer also expressed its plans to create its own cryptocurrency and collection of non-fungible tokens (NFTs), according to CNBC.
In December, Walmart filed seven separate applications with an intent to make and sell virtual goods, according to the U.S. Patent and Trademark Office.
The new trademarks reflect its intent to make and sell a wide range of virtual goods, including electronics, home decorations, toys, sporting goods, and personal care products.
Furthermore, the company stated it would offer virtual currency and NFTs to its users, in a separate filing.
Top Global Brands Flock to Meta and NFTs
Several leading global brands ranging from top luxury brands like Gucci and Louis Vuitton to retailers like Nike, GAP, Adidas, etc, aspire to become Best NFT stocks. To accelerate their vision, they have recently filed trademarks with an aim to launch virtual stores.
The virtual world is attracting big brands as it may lead to diversification of revenue streams as well as lower online transaction costs via tokenization of physical products and services through NFTs.
Last year, social media giant Facebook (FB) changed its name to Meta to let the world know that it plans to venture into newer territories of the virtual world beyond social media.
Likewise, Nike teamed up with Roblox to create a virtual world called Nikeland and plans to sell branded sneakers and apparel virtually.
Management Weighs In
According to CNBC, Walmart stated that it is “continuously exploring how emerging technologies may shape future shopping experiences.”
Management added, “We are testing new ideas all the time…Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”
On January 12, Truist Scot Ciccarelli initiated coverage on Walmart with a Hold rating and price target of $153 (5.5% upside potential)
Overall, Walmart has a Strong Buy consensus rating based on 14 Buys and 4 Holds. The average Walmart stock price projection of $171.44 implies 18.2% upside potential to current levels.
The company’s upcoming earnings for the fourth quarter of the fiscal year 2021 are scheduled for February 17, 2022.
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