Ali Raza
Retail giant Walmart seems to be venturing into the crypto and blockchain industry. The company’s subsidiary, Sam’s Club, recently filed an application for multiple blockchain-related patents. The trademarks relate to cryptocurrencies, virtual reality, and non-fungible tokens (NFTs).
Walmart files for crypto, blockchain, and VR patents
The US Patent and Trademark Office website shows that the retail giant has filed for multiple trademarks related to blockchain technology. The records of these patent filings are 97775159 and 97775152. The patents could see the retail giant’s subsidiary, Sam’s Club, offering a wide range of virtual items.
Because of this filing, Sam’s Club will offer virtual goods, including home decorations, personal care products, and sports goods. Moreover, the filings have also mentioned crypto assets and NFTs. It also includes virtual and augmented reality education and healthcare.
The Walmart subsidiary could also explore digital wallets and other forms of software that can contain a portfolio of digital assets. It is not the first time that Walmart is filing for a crypto-related trademark application.
In 2018, the retail giant announced that it would release bulkcoin for Sam’s Club members. In early 2022, there were reports that the retail giant was planning to venture into the metaverse. At the time, Walmart filed the first round of trademarks related to NFTs. The filing was made towards the end of 2021.
More companies continue to file for trademark applications
There has been a notable increase in the number of companies filing trademarks related to NFTs, metaverse goods and services, and cryptocurrencies. A sporadic growth was witnessed in 2022 despite the bear market that rocked the industry at the time.
In November last year, licensed trademark attorney Mike Kondoudis compiled a report about the number of trademark applications related to digital currencies and their related goods and services.
Thru October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods/services
Jan: 481
Feb: 541
Mar: 612
Apr: 589
May: 561
June: 461
July: 416
Aug: 345
Sep: 378
Oct: 324The 2021 total was 3547#Crypto #Fintech #DeFi #Cryptocurrencies #Web3 #NFTs pic.twitter.com/kqaIeRyFd9
— Mike Kondoudis (@KondoudisLaw) November 7, 2022
“Through October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods and services,” the report said.
The report also noted the trademark applications filed for the metaverse and other virtual goods and services. The applications in this area increased from 4,997 compared to the 1,890 filed in 2021. The data shows significant interest in the metaverse and related areas despite the challenges witnessed in the growth of this industry.
There was also significant interest in NFT trademark applications, according to the statistics published by Kondoudis. Despite the significant drop in NFT trading volumes and sales, the number of trademarks related to NFTs and similar products rose from 2,142 in 2021 to 6,855 in October 2022.
Thru October, 6855 US trademark apps have been filed for NFTs and related goods/services
Jan: 644
Feb: 789
Mar: 1082
Apr: 898
May: 767
June: 729
July: 542
Aug: 522
Sept: 445
Oct: 437The 2021 total was 2142.#NFTs #Web3 #NFTCommmunity #Metaverse #MetaverseNFT #NFT pic.twitter.com/J9xj2UdPrP
— Mike Kondoudis (@KondoudisLaw) November 7, 2022
Some of the largest brands globally have already filed for trademarks associated with the digital asset sector. These companies include Nike and Rolex, with the latter planning to bring NFTs, NFT marketplaces, and a cryptocurrency exchange onto the platform. These filings appear not to be slowing down as interest in digital assets continues to grow amid the bearish sentiment across the market.
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This article was written for Business 2 Community by Ali Raza.
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