Walmart CTO says Crypto will be a major disruptor
In an interview with Yahoo Finance, Walmart (WMT) CTO Suresh Kumar said crypto will be a major disruptor in the future of retail. One of the world’s largest retailers, Walmart has expanded into the latest form of e-commerce.
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“Crypto will become an important part of how customers shop,” Kumar said.
The goal is to make transactions as frictionless as possible, and Kumar believes there will start to be a lot of disruption when it comes to payment methods and options.
“Crypto is going to continue to play a very important role in that. And of course we want to be where the customer really needs us to be,” he said.
Kumar says that the ways in which customers discover products is changing, and that web3 has an opportunity to thrive. “Part of it is going to happen in the metaverse. Part of it is going to happen on live streams, inside your social media apps,” he said. “So whether it’s physical goods or virtual goods, they play a role in relation to what the customer wants.
When it comes to Walmart and crypto, “it’s going to be about product discovery, whether it’s physical or virtual inside, whether the metaverse or up front, and then how people shop,” he said.
Walmart goes virtual
Walmart has slowly waded into the world of cryptocurrency. Last August, the retailer was looking at hiring a crypto czar. And in January, it filed seven trademarks for its own virtual currencies and non-fungible tokens (NFTs).
Walmart also began exploring the metaverse. In May, it released a demo video of its virtual reality shopping experience for the metaverse. And it recently launched Walmart Land and Walmart Universe on the gaming platform Roblox (RBLX).
“Roblox is one of the fastest-growing and largest platforms in the metaverse, and we know our customers spend a lot of time there. So we’re focused on creating new and innovative experiences that excite them,” Walmart chief marketing officer William White said in the announcement.
Roblox, similar to Epic Games’ Fortnite, is a web2 game that is evolving into – and helping with – the next iteration of the internet. Although Roblox and Fortnite are not compatible with virtual reality, they allow users to create their own content, games and host live social events and concerts. Players can buy, craft, and use their own virtual accessories, which is the role that NFTs want to fill in the metaverse.
Walmart Land and Walmart Universe of Play feature music festivals, games and ice rinks. And users can buy, wear and play with virtual clothes, cosmetics and toys from brands sold in Walmart stores.
WMT shares rose 1.8% on Tuesday. The shares are down around 7 percent so far this year.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
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