When highlighting Walmart’s bullish position on digital assets at the Yahoo Finance All Markets Summit on October 17, CTO Suresh Kumar noted that “crypto is becoming an important part of how customers transact” for both physical and virtual items.
“I think there are three main areas of disruption. In the middle of that, crypto kind of falls,” he said, explaining that “the way customers get inspired and find products” is changing.
Kumar further mentioned that Walmart strives to make cryptocurrency transactions as simple as possible for customers so that they can profit as well.
Kumar also remarked that the Metaverse and live streaming on social media applications will be used to market to a large number of people, and that cryptocurrency might be an essential payment option in these areas.
This could account for Walmart’s most recent entry into the Roblox Metaverse and the opening of Walmart Land at the end of September.
“When you specifically talk about crypto, it is going to be about discovery of products, whether it is physical or virtual inside, either the Metaverse or upfront, and then how people transact ” said the CTO.
Suresh Kumar anticipates that crypto will become a popular payment method in the Metaverse & social media, as these platforms will be a major way for people to find new products.
Furthermore, Kumar believes that the usage of blockchain and cryptocurrencies can deliver a better digital shopping experience tailored to their shopping habits, and that Walmart can use metaverse to coordinate with various social media applications.
Brands may communicate with customers who wish to spend more time in virtual worlds or the metaverse by employing NFTs to create distinct digital experiences. This could be an excellent opportunity for Walmart to acquire more younger customers. Other brands are also engulfed in the race to getting a piece of the metaverse pie.
Also Read: Which Big Tech Companies are Shaping up the Metaverse
