Walmart is silently venturing into metaverse and crypto, whereas Singapore warns crypto companies against promoting services
Nameet Potnis
Connecting Music Superfans with Their Tribe and Empowering Artists | Payments & E-commerce Expert
Walmart appears to be foraying into the Metaverse, with plans to launch its cryptocurrency and NFT collection.
Late last month, the big-box retailer filed several new trademarks indicating its intention to create and sell virtual items, such as electronics, home décor, toys, sporting goods, and personal care products. In a second filing, the company stated that it would provide customers with virtual currency and NFTs.
According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30."We are testing new ideas all the time," the company said. "Some ideas become products or services that make it to customers. And some we test, iterate, and learn from."
Walmart began hosting Bitcoin ATMs in several of its U.S. locations in October.Many merchants are still reeling from being late to e-commerce, according to Frank Chaparro, director of crypto information services firm The Block, and they don't want to miss out on any chances in the Metaverse.
In September, the company fastened its seatbelt when an unintentional involvement in a cryptocurrency pump-and-dump operation. Scammers produced a fraudulent press release about Walmart embracing Litecoin, which temporarily pushed the price of the original altcoin rising before the retailer disproved the bogus announcement.
The company's decision to focus on cryptocurrency was expected. It began recruiting a bitcoin and blockchain expert in August. According to a recent Morning Consult survey, Walmart customers are more likely than the typical American to own Bitcoin.
Hulu is making its way into crypto, non-fungible tokens (NFTs) and the Metaverse to target "the streamers of tomorrow," according to a new?job posting.
According to the job posting, the streaming platform is looking for a "cultural trend marketing manager" to help it "breakthrough into other sectors outside of streaming," with experience in "metaverse, crypto and NFT platforms".The corporation identified crypto and the Metaverse as a growing market, citing how younger populations consume material in less traditional ways.
Hulu's parent company, Disney, looks at the Metaverse similarly, citing NFTs and augmented reality as major new tech trends to monitor in a recent job ad.
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In November, Disney introduced its "Golden Moments" NFT collections on?VeVe, a marketplace based on the?Gochain?blockchain, which contained intellectual property from its Pixar, Marvel, and Star Wars titles.
Disney's crypto ambitions go beyond NFT drops, with CEO Bob Chapek telling CNBC in November that his objective is to "leverage Disney+ as the metaverse's platform."
According to another recent?job posting?from Disney Parks, Products and Experiences seeking help to "lead Disney's efforts in the NFT space," the multimedia conglomerate's interest in NFTs could be expanding to its actual park locations.
The Monetary Authority of Singapore (MAS) issued guidelines to refrain the cryptocurrency industry from advertising its services to the public on Monday to protect retail investors from possible risks.
The new guidelines clarify that Companies should neither market nor advertise digital payment token (DPT) services in public spaces in Singapore, nor should they use third parties, such as social media influencers, to promote DPT services to the general public.
"MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS' expectation that DPT service providers should not promote their DPT services to the general public in Singapore." MAS stated.
Crypto service providers are also prohibited from using automated teller machines (ATMs) in public spaces under the new guidelines. DPT companies can, however, market or advertise their services on their own websites or mobile apps. The MAS's decision comes as the popularity of cryptocurrencies grows, as does the number of physical cryptocurrency advertisements in the country.
As per MAS, it has received approximately 180 applications for DPT licences, with five receiving in-principle approvals. Sixty applications have been withdrawn, and three have been denied. MAS did not disclose the status of the other applications.