Walmart Plans to Utilize Digital Assets to Improve Customer Experience

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With intentions to develop its own digital assets and collection of NFTs, international retail behemoth Walmart attracted notice around the same time last year when it submitted applications for a number of new trademarks, suggesting its aim to make and provide virtual items in the metaverse. Also speaking at the Yahoo Finance All Markets Summit, Walmart's Global Chief Technology Officer Suresh Kumar stated that "Crypto will become an important part of how customers transact." The team, according to Kumar, wants to make cryptocurrency transactions as simple as possible for customers so they can gain from them as well.

CTO of Walmart (Photo by Harry Murphy for Collision 2022)

The expansion of Walmart into new sectors, including blockchain and cryptocurrency as well as retail, is highly intriguing. Unbelievably, Walmart has embraced blockchain technology, enabling businesses to trace their products from the point of creation to the final consumer. In addition, Kumar thinks that blockchain technology and cryptocurrencies can offer customers a better online shopping experience according to their preferences, and Walmart can employ metaverse to work with other social media platforms.

By employing NFTs to design unique digital experiences, brands may engage with customers who want to spend more time in virtual worlds or the metaverse. This might be a fantastic chance for Walmart to draw in more youthful customers. In the metaverse market, there are other companies who are eager to collaborate. For instance, clothing company Urban Outfitters has registered trademarks with the possibility to build a virtual store, and Gap has begun selling NFTs of hoodies with its logo.

Some thoughts...

How can the virtual currency offered by Walmart enhance user experience? And how does the business want to incorporate cryptocurrency into the retail sector? I'm eager to see what the future of digital assets and uses for the metaverse in marketing, retail, and payment will bring. I wonder if Walmart would partner with unorthodox firms like Strike that use the layer-2 Lightning network based on the Bitcoin blockchain, or if they will stick with conventional payment methods like Mastercard and Visa.