Macauley Peterson

<div id="highlights-block_634e8fd01d8e0" class="highlights">
 <ul>
 <li>Crypto is in the middle of technological disruption, Walmart’s CTO said</li>
 <li>Walmart previously filed trademark and patent applications to monetize the metaverse</li>
 </ul>
 
</div>



The chief technology officer of the world’s largest retailer thinks crypto lies abreast three areas of technological disruption: product discovery, payment and delivery.



In comments to the Yahoo Finance All Markets Summit on Oct. 17, Walmart CTO Suresh Kumar said that Walmart is keenly aware of the technological trends in the retail sector, and the potential ways in which Web3 may impact how customers shop in the future.&nbsp;



“I have talked before about the way in which customers are getting inspired and discovering products — that is changing — and part of that is going to happen in the Metaverse,” Kumar said.



The retail giant is also planning to adapt to customer demands for new payment rails, Kumar said. 



<blockquote class="wp-block-quote">“I think a lot of the disruption is going to start happening in terms of different payment methods, different payment options…crypto is going to continue to play a very important role in that,” Kumar said.</blockquote>



“Crypto will become an important part of how customers transact. We want to make sure that we make it as friction free for customers to be able to transact, and to be able to buy, and how they are able to derive value out of it,” he said.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Walmart Chief Technology Officer Suresh Kumar talks tech, shopping experiences, and crypto" width="1024" height="576" src="https://www.youtube.com/embed/svC7RV_ESJs?start=648&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h3>Other Walmart connections to crypto</h3>



Walmart previously added members to its board of directors who also have crypto industry links. 



The company’s lead independent director, Tom Horton, who also serves on the board of Blockchain.com, <a href="https://cms.blockworks.co/walmart-board-director-cryptos-potential-goes-beyond-financial-services/" target="_blank" rel="noreferrer noopener">told Blockworks in February</a>, “I see blockchain technologies as another great enabler, much like the internet was in its early days.”



Sarah Friar joined Walmart’s board <a href="https://corporate.walmart.com/newsroom/2018/02/08/walmart-board-of-directors-adds-square-inc-cfo-sarah-friar" target="_blank" rel="noreferrer noopener">in February 2018</a> and earlier this year <a href="https://cms.blockworks.co/the-latest-in-crypto-hiring-ex-finra-ny-fed-bank-leaders-switch-sectors/" target="_blank" rel="noreferrer noopener">became a board member</a> of industry powerhouse ConsenSys, where she advises the company on Web3 business models. She is also a former chief financial officer of Square, prior to <a href="https://cms.blockworks.co/tag/square/" target="_blank" rel="noreferrer noopener">its blockchain-focused rebranding as Block</a>.



Walmart is currently pursuing non-blockchain metaverse-like experiences <a href="https://cms.blockworks.co/web3-watch-disney-and-walmart-target-young-audiences-in-the-metaverse/" target="_blank" rel="noreferrer noopener">with Roblox</a>. The company <a href="https://cms.blockworks.co/walmart-files-7-us-patents-examining-potential-monetization-of-nfts-metaverse/" target="_blank" rel="noreferrer noopener">filed 7 patents at the end of 2021</a> related to NFTs and the metaverse.



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<hr class="wp-block-separator">

Walmart CTO Weighs in on the Role of Crypto Disruption

Ornella Hernandez

<div id="highlights-block_6335b458e3945" class="highlights">
 <ul>
 <li>Christie’s auction houses launches own NFT marketplace, Christie’s 3.0, to rival Sotheby’s</li>
 <li>Crypto “wallets are more like Blackberries than they are like iPhones,” says founder of Coral</li>
 </ul>
 
</div>



Apple recently let App Store <a href="https://cms.blockworks.co/apple-allows-nft-sales-on-its-app-store-but-theres-a-catch/" target="_blank" rel="noreferrer noopener">developers buy and sell NFTs in-app</a>, such as via marketplaces like OpenSea and Rarible. Magic Eden, however, will not support trading activities due to the 30% cut that Apple takes.



And if you own any CryptoPunks, Goblins, Bored Apes or Azuki NFTs and are a Mastercard debit cardholder who lives in Europe and is willing to stake the HI token, then you may be <a href="https://cms.blockworks.co/mastercard-hi-launch-nft-customized-debit-cards-as-nft-interest-dips/" target="_blank" rel="noreferrer noopener">eligible to customize that card with an NFT avatar</a>.&nbsp;



Blockworks recaps other notable stories that caught the eyes of the Web3 Watch.



<h3>Disney’s Web3 Plans</h3>



The Walt Disney Company is on the hunt for a “corporate attorney” with experience in “emerging technologies” such as NFTs, the metaverse and DeFi.



It recently <a href="https://jobs.disneycareers.com/job/-/-/391/36774529536" target="_blank" rel="noreferrer noopener">posted</a> the job listing for a “Principal Counsel — Corporate Transactions, Emerging Technologies &amp; NFTs.”



This may signal that Disney is working on a plan to make use of the “virtual-world simulator” patent it <a href="https://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&amp;Sect2=HITOFF&amp;u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&amp;r=1&amp;f=G&amp;l=50&amp;d=PTXT&amp;p=1&amp;S1=11210843&amp;OS=11210843&amp;RS=11210843" target="_blank" rel="noreferrer noopener">filed</a> with the United States Patent and Trademark Office in 2021. The application refers to augmented reality (AR) technology being used at Disney theme parks, or even a potential theme-park metaverse.



CEO Bob Chapek <a href="https://www.reuters.com/business/media-telecom/disney-ceo-lays-out-early-plan-digital-future-2022-09-11/" target="_blank" rel="noreferrer noopener">revealed</a> at Disney&#8217;s D23 Expo earlier this month that the company’s vision for the metaverse involves &#8220;next-generation storytelling.&#8221; This means leveraging data from theme park visitors and Marvel and Lucasfilm studios’ content streams to deliver personalized entertainment experiences.



Disney currently has NFT collections on the VeVe Digital Collectibles app, including the Golden Moments collection, offering digital statues inspired by Disney, Pixar, Marvel and Star Wars characters and other intellectual property.



Additionally, its 2022 Disney Accelerator Program recently selected six “growth-stage” companies to advise, including three Web3 companies — layer-2 scaling platform Polygon, NFT AR social media app Flickplay and startup Lockerverse.



<h3>Walmart enters the metaverse with Roblox</h3>



The retail giant is testing out new ground in online gaming platform Roblox in an effort to reach more and new customers. Roblox is a non-blockchain gamified virtual world with over 52 million daily users, mostly children.



Walmart <a href="https://corporate.walmart.com/newsroom/2022/09/26/walmart-jumps-into-roblox-with-launch-of-walmart-land-and-walmarts-universe-of-play" target="_blank" rel="noreferrer noopener">announced</a> on Tuesday that it launched two virtual experiences within Roblox — Walmart Land and Walmart’s Universe of Play.



Walmart Land features a store of virtual merchandise, or “verch,” to dress up users’ avatars, a ferris wheel, and minigames that earn players tokens and badges. It also has plans to host a music festival in October.



On the other hand, the Universe of Play intends to be a virtual toy destination so that users can collect products and characters from franchises such as L.O.L. Surprise!, Jurassic World, Paw Patrol, Magic Mixies and Razor Scooters — all in time for the holidays.



The company even changed its Twitter profile picture and banner to depict Walmart Land.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">See Walmart like never before 😎 Walmart Land is our new world on <a href="https://twitter.com/hashtag/ROBLOX?src=hash&amp;ref_src=twsrc%5Etfw">#ROBLOX</a> with fun &amp; games for all. From film to fashion — whatever you’re into, let’s have some fun with it. Come for the inspo, stay for the verch &amp; live performances. Let’s go! <a href="https://t.co/leZ4CITCjN">https://t.co/leZ4CITCjN</a> <a href="https://t.co/4r26MHHk5i">pic.twitter.com/4r26MHHk5i</a>&mdash; Walmart (@Walmart) <a href="https://twitter.com/Walmart/status/1574430010412351489?ref_src=twsrc%5Etfw">September 26, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mark Long, CEO of blockchain-enabled AAA shooter game Shrapnel, told Blockworks that “marketing to eleven-year-olds is a risky proposition.” “On the other hand,” he said, “we’ve all seen how legacy companies missed the internet boat and with McKinsey predicting the metaverse to be an even bigger opportunity, what choice do they have?”



<h3>Christie’s 3.0 NFT marketplace</h3>



Christie’s auction house has launched a new NFT marketplace, Christie&#8217;s 3.0. The platform enables NFT art sales on the Ethereum blockchain, starting with nine NFT artworks by 18-year-old artist Diana Sinclair.&nbsp;



In partnership with Manifold.xyz, Chainalysis and Spatial, Christie’s hopes “to bring young emerging artists to an international and digitally savvy market,” the company <a href="https://twitter.com/ChristiesInc/status/1574794648320704512?s=20&amp;t=3_YRamEZZ9Vh8YquaDieBw" target="_blank" rel="noreferrer noopener">tweeted</a>.&nbsp;



Each work in the “Diana Sinclair: Phases” collection was created and minted specifically for the auction, and starting prices will range from 4 ether (ETH) to 8 ETH. Her images will also be on physical display at Christie’s for a limited time.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="466" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png" alt="" class="wp-image-32858" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=50 50w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Christie&#8217;s NFT marketplace | Source: Christie&#8217;s</figcaption></figure>



“For me, it’s a more fun and rewarding process to get to work with artists selling their art for the first time to its first collector as opposed to [selling] a Picasso on the wall from a collector who got it six hands ago from Picasso himself,” Nicole Sales, Christie’s director of digital art sales and NFTs, told Blockworks.



She also said that Christie&#8217;s adds value when it comes to “the narrative around the actual art for art&#8217;s sake as opposed to just the NFTs as an investment or as some sort of tool that someone can just flip.”&nbsp;



In other traditional art world news, the Museum of Modern Art (MoMA) in New York City, recently <a href="https://www.wsj.com/articles/70-million-in-art-at-moma-to-be-sold-to-extend-museums-digital-reach-11663117201" target="_blank" rel="noreferrer noopener">announced</a> that it is selling $70 million worth of art from William S. Paley’s collection to fund an expansion of their own digital footprint — which could mean purchasing its first NFTs.&nbsp;



<h3>Q&amp;A with Coral: What is an xNFT? &nbsp;</h3>



FTX Ventures and Jump Crypto co-led a $20 million fundraise for Solana tech developer Coral — the creator of the Anchor framework that provides smart contract tools and templates for Solana developers. Multicoin Capital, Anagram and K5 Global also participated in the round.



The funding will be used to expand the Coral and Anchor teams, as well as launch an “xNFT” protocol and a new non-custodial wallet and mobile app called Backpack. 



An xNFT is an executable non-fungible token that gives access to applications, games or assets built on any blockchain — similar to mini-programs offered by the Chinese messaging app WeChat, said the company.&nbsp;



Blockworks conducted a Q&amp;A with Coral’s founder Armani Ferrantel to learn about xNFTs and the company’s long-term vision:



Blockworks: How do xNFTs fit into the larger NFT ecosystem?



Ferrante: XNFTs give NFT collections the ability to create more immersive and customized behaviors. Imagine clicking on your NFT and going to not a normal wallet metadata view, but an experience specific to the collection, like a game. Or something more mundane, but important, like allowing NFTs to control the wallet experience, for example, allowing creators to control where and how their collections get listed on marketplaces.



Blockworks: How is Backpack different from other crypto wallets?



Ferrante: Today, wallets are the gatekeepers of blockchain ecosystems. They’re permissioned, closed, and closer to Web2 than they are to Web3. If you want to build a new protocol, you need to lobby for integration, but there are so many protocols on so many blockchains that no one can expect to be included. It’s a product management nightmare, and it’s holding back innovation.&nbsp;



Wallets are more like Blackberries than they are like iPhones — token-specific asset management tools — but imagine a wallet that used all of your cryptoassets. Imagine if you could manage your Mango margin accounts, stake your DeGods, or view your Magic Eden listings not in a web view, but natively in a single interface.&nbsp;



We’re building an xNFT operating system we call Backpack — it manages your private keys and connects to apps. It’s asset- and protocol-agnostic. Most wallets only show your tokens. Backpack, however, is a home for everything.&nbsp;



Blockworks: Why did you choose to build on the Solana ecosystem?



Ferrante: We chose the Solana ecosystem as a starting point because we had built Anchor, the dominant Solana development framework and spent a lot of time incubating many of the projects in the ecosystem. These inroads made Solana the perfect place to start. The plan is to bring the xNFT framework multichain. At this moment, it is already possible to build Ethereum xNFTs and use them with your Ethereum balances in Backpack.



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Web3 Watch: Disney and Walmart Target Young Audiences in the Metaverse

Morgan Chittum

<div id="highlights-block_622262e4a99e6" class="highlights">
 <ul>
 <li>“This signals that brands are paying attention [to the metaverse,] meaning they are staking their claim similar to how people sit on domain names,” Jenna Pilgrim, a blockchain startup exec, told Blockworks</li>
 <li>CVS mentioned NFTs and blockchain technology in its application</li>
 </ul>
 
</div>



CVS filed a <a href="https://tsdr.uspto.gov/documentviewer?caseId=sn97287237&amp;docId=APP20220303081509#amp%3Bpage=1&amp;docIndex=1&amp;page=1" target="_blank" rel="noreferrer noopener">trademark application</a> to sell “downloadable virtual goods” in the metaverse, looking to establish itself as the first pharmacy in the nascent virtual space. 



The health services company cited prescription drugs, beauty and personal care products in its application, along with “crypto-collectibles” such as NFTs.



The application, which was filed under the entertainment and amusement category on Feb. 28, was not made public until Friday.



Noah Gaynor, co-founder of NFT (non-fungible token) real-estate startup Parcel, told Blockworks that the application signals that more companies are “looking to plant their flag in the virtual ground” of the metaverse.



“I&#8217;d say it&#8217;s further confirmation that all consumer-facing brands, no matter the industry, are viewing the metaverse as the new frontier in reaching customers — through digital goods and services — and are therefore devising a metaverse strategy,” Gaynor said.



CVS joins the likes of big-name retailers <a href="https://cms.blockworks.co/nike-files-to-trademark-virtual-goods-hiring-metaverse-designers/" target="_blank" rel="noreferrer noopener">Nike</a> and Walmart in filing for metaverse-related trademarks. The sneaker company filed seven requests for <a href="https://cms.blockworks.co/nike-files-to-trademark-virtual-goods-hiring-metaverse-designers/" target="_blank" rel="noreferrer noopener">patents and trademarks</a> on virtual goods last year — including clothing, sports bags, art and accessories.



Jenna Pilgrim, CEO of blockchain startup Rite Network, told Blockworks that the influx of applications is a “positive signal to the market.”



“This [shows] that brands are paying attention, meaning they are staking their claim similar to how people sit on domain names. This strikes me as a form of legitimacy for metaverse applications,” Pilgrim said.&nbsp;



“Obviously, these applications have much farther to go for the protection of real assets that they would build in the metaverse, but it’s a cute first step.”



&nbsp;CVS did not immediately respond to Blockworks’ request for comment.



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CVS Files for NFT-related Trademarks in the Metaverse

Jacquelyn Melinek

<div id="highlights-block_620d5a283e75c" class="highlights">
 <ul>
 <li>Tom Horton is on the board at Walmart and Blockchain.com and is a partner at investment fund Global Infrastructure Partners and at General Electric</li>
 <li>“I see blockchain technologies as another great enabler, much like the internet was in its early days,” Horton said</li>
 </ul>
 
</div>



Crypto financial services firm Blockchain.com is no stranger to blockchain technology and its growing demand, but one of its newest board members, Tom Horton, who is also Walmart’s lead independent director, told Blockworks he sees this as just the beginning. 



“Major institutions and traditional banks are also engaging with crypto,” Horton said. “But it’s clear this is a powerful and constructive technology with enormous growth potential over the next few years and beyond.”



As the regulatory landscape around the industry continues to evolve, so are new use cases from NFTs to gaming and sports to supply chain, Horton said. “Consumer interest is strong and that helps drive new vectors of innovation and adoption,” he said.



The energy within this space will create ripple effects through every industry, beyond the obvious ones of banking, fintech and e-commerce, he said.



<blockquote class="wp-block-quote">“The more I learn, I see blockchain technologies as another great enabler, much like the internet was in its early days,” Horton said. “The enthusiasm and pace of innovation in this new ecosystem is astonishing, which, at its core, strikes me as being about freedom and removing friction.”</blockquote>



While this is his first venture into the blockchain realm, it’s not his first involvement with a fast-growing company, he said.&nbsp;



In addition to his role at Walmart and Blockchain.com, he is a partner at investment fund Global Infrastructure Partners and at General Electric. He was formerly lead director of tech firm Qualcomm and chairman and CEO of American Airlines.



“All of this is relevant to work I do with other boards and to infrastructure investing,” Horton said. “It’s important to have an understanding of how [this technology] works and its impact on global commerce.”



<blockquote class="wp-block-quote">“I’m fascinated by blockchain technology and its growing array of use cases,” Horton said. “A gigantic shift is underway in digital currencies and financial services, and the applications extend beyond the financial sphere.”</blockquote>



Walmart filed patent applications for virtual goods, including electronics, decor, toys, sporting goods and personal care products, at the end of December 2021, CNBC <a href="https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html" target="_blank" rel="noreferrer noopener">reported</a>. The retail giant also filed for patents on a digital currency as well as NFTs (non-fungible tokens).



A Walmart spokesperson declined to comment further on the patent filings or crypto when contacted by Blockworks on Wednesday.&nbsp;



Horton didn’t elaborate on the filings or whether the retail giant plans to integrate any blockchain or crypto-related products or services into its 10,500 stores this year. However, he said, “every large enterprise, retail and otherwise, must be sharp on this emerging ecosystem and the opportunities it represents to better serve customers.”



Overall, Horton said he’s a “big believer” in the power of free, fair and global commerce to lift living standards globally.



“There is a huge shift underway and I’m excited to be part of it with the best people in the space,” he shared.



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Walmart Board Director: Crypto’s Potential Goes Beyond Financial Services

Sebastian Sinclair

<div id="highlights-block_61e4aec475016" class="highlights">
 <ul>
 <li>Walmart is exploring the possibility of introducing a &#8220;virtual currency for use by members of an online community&#8230;in the field of NFTs&#8221;</li>
 <li>The retail giant is also looking at providing a means for customers to interact with the metaverse and providing financial services involving crypto</li>
 </ul>
 
</div>



Retail giant Walmart has filed <a href="https://www.scribd.com/document/553279853/USPTO-97197296" target="_blank" rel="noreferrer noopener">several patents</a> with the US Patent and Trademark Office (USPTO) seeking to register a number of services and offerings related to the metaverse, non-fungible tokens (NFTs) and cryptocurrency.



Holly Lar, Senior Counsel for Intellectual Property at Walmart has filed a total of seven related applications on behalf of the retail giant. The news was <a href="https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html" target="_blank" rel="noreferrer noopener">first reported by CNBC</a> late Sunday.



According to the <a href="https://www.scribd.com/document/553280602/USPTO-97197301" target="_blank" rel="noreferrer noopener">applications</a>, filed Dec. 30, Walmart is exploring the possibility of introducing its customers to a &#8220;virtual currency for use by members of an online community&#8230;in the field of NFTs&#8221; as well as &#8220;financial transaction services involving cryptocurrency, NFTs and blockchain technology.&#8221;



<a href="https://cms.blockworks.co/?s=nft">NFTs</a> are digital assets that provide proof of ownership over virtual and real-world assets which can also interact with the blockchain in unique ways. Since bursting onto the scene in early 2020, NFTs have sparked a vibrant movement and an active market valued at <a href="https://www.bloomberg.com/news/articles/2022-01-06/nft-market-surpassed-40-billion-in-2021-new-estimate-shows" target="_blank" rel="noreferrer noopener">over $40 billion</a>. Walmart appears to be positioning itself for a slice of that pie.



Other detailed patent applications further list Walmart&#8217;s ambitions to explore monetizing the metaverse by offering customers &#8220;downloadable augmented reality software, downloadable mixed reality software, virtual reality software for interactive entertainment and virtual reality gaming.&#8221;



The <a href="https://cms.blockworks.co/?s=metaverse">metaverse</a> refers to virtual worlds whereby several technologies are combined to create an online 3D- gaming, social and interactive experience. 



Though Walmart&#8217;s patents are by no means a definite confirmation it will act on them in the future, the retailer said it is “continuously exploring how emerging technologies may shape future shopping experiences,” according to CNBC&#8217;s reporting. 



Walmart did not comment on the specific trademark filings.



“We are testing new ideas all the time,” Walmart said. “Some ideas become products or services that make it to customers. And some we test, iterate, and learn from.”



It&#8217;s not the first time Walmart has filed applications with the USPTO relating to crypto. In 2019, the retailer filed an application for a stablecoin backed by real-world currency to service those &#8220;low-income households that find banking expensive.&#8221; Though that application has yet to be expanded upon.



The new applications will be assigned to an examining attorney in roughly six months&#8217; time.



See one of the seven applications listed below:



<figure class="wp-block-embed is-type-rich is-provider-scribd wp-block-embed-scribd wp-embed-aspect-9-16 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
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</div></figure>



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