Data Backup Digest

Cryptocurrency is taking the world by storm. From the most popular formats like Bitcoin, Monero, Ethereum, and XRP, to lesser known offerings like Tether, Stellar, and Amp, there is no shortage of digital currency on the market today.

In an effort to keep pace, it seems that Walmart is now entering the world of cryptocurrency. The company filed no less than seven trademark applications on Dec 30, 2021, just in time for the New Year, which included separate applications for a new form of digital cryptocurrency, and virtual wallet, and more.

What is Cryptocurrency?

Cryptocurrency, sometimes known as digital currency, is a revolutionary new form of currency that is secured through next-gen cryptography. Thanks to such high security, modern cryptocurrency is nearly impossible to double-spend or counterfeit.

With more retailers beginning to accept popular forms of cryptocurrency as payment for various goods and services, including some governmental agencies even adopting their own policies regarding the use of cryptocurrency, this growing trend is certainly catching on with people of all backgrounds.

Why Now?

But the concept of cryptocurrency isn’t exactly new. Bitcoin, one of the most popular and recognizable forms of cryptocurrency, debuted in early 2009. Since it’s more than a decade old, many experts are left wondering: why is Walmart embracing cryptocurrency now?

Much of it comes down to uncertainty regarding cryptocurrency itself. While there were many early supporters of Bitcoin and earlier forms of cryptocurrency, there were many naysayers. Couple that with a lack of acceptance – amongst consumers and retailers alike – and it’s easy to see why an organization like Walmart was so hesitant to get involved.

Some experts believe the recent trademark applications signify Walmart’s future intentions regarding NFTs. Even though we know seven trademark applications have been filed, they don’t necessarily signify future intent. Moreover, they always have the possibility of being denied.

What Are NFTs?

Also known as non-fungible tokens, NFTs use blockchain technology – the same technology behind cryptocurrency – to provide individual ownership over a digital file. One of the most popular new trends to hit the world of online and digital art, some NFTs are already selling for hundreds of thousands of dollars.

With so much real-world cash at stake, it’s critical that these transactions are verifiable – and this is exactly where the blockchain comes in. Much like cryptocurrency, all NFT transactions are traceable – by the seller, the buyer, and the general public – for authentication and verification purposes.

It’s this high level of security – which gives individuals the ability to prove ownership across a long-term basis – that has many consumers interested in NFTs. And where there’s consumer interest, there’s bound to be some retailers stepping up to the plate to fill that niche.

Walmart in 2022 and Beyond

Although Walmart’s exact intentions haven’t been made clear, those who have reviewed their trademark applications noted the strong language in these documents. While it certainly appears that they have their eyes on cryptocurrency, NFTs, or both, we can’t be sure until they release an official announcement.