Suresh Kumar, Chief Technology Officer (CTO) of Walmart, predicts that cryptocurrencies will be a key disruptor in the future, especially when it comes to how consumers are going to be able to pay to purchase virtual and real-world items.
During the Yahoo Finance All Markets Summit on October 17, Mr Kumar detailed Walmart’s optimistic view on digital assets. He clarified that “cryptocurrencies will become an integral part of how people trade” and buy real or virtual items.
Mr Kumar also said that a significant number of transactions would be conducted through the Metaverse and social media applications. Thus, cryptocurrency could be a major payment option on the Internet.
This could explain why Walmart launched Walmart Land on Roblox’s Metaverse in late September. The company offers a variety of virtual activities, including games, a DJ studio, a Ferris wheel, as well as verchs (a virtual store where users can purchase virtual goods) for their avatars.
The idea behind this project is that kids playing these games get excited and get their parents to buy their items from Walmart.
A similar tactic can be found in Roblox’s otherworld, which includes a large obstacle course showcasing items from Walmart’s Gen Z-focused beauty and makeup brands. and accessories from Free Assembly, its exclusive fashion line.
Currently, NFTs and cryptocurrencies are not tied to Roblox’s metaverse. However, Walmart hinted in its January 2022 patent filings that it might create NFTsdigital currencies, and various virtual tokens in the metaverse sector in the future.
Mr. Kumar adds that Walmart’s goal is to make it as easy as possible for consumers to transact, buy and enjoy.
It is highly likely that the international retail giant has been working for some time now on implementing support for payment in cryptocurrencybut so far only fake alerts have surfaced, such as the bogus partnership with Litecoin (LTC) that was leaked through a dodgy press release in September last year.
As of October 2021, there were approximately 200 Bitcoin (BTC) ATMs placed in Walmart stores across the United States, with plans to increase this number to 8,000 in the undetermined future.