In an interview with Yahoo Finance, Walmart CTO Suresh Kumar said that crypto will be a major disrupter in the future of retail. One of the world's largest retailers, Walmart has been expanding into the newest form of e-commerce.
"Crypto will become an important part of how customers transact," Kumar said.
The goal is to make transactions as frictionless as possible, and Kumar believes there will start to be plenty of disruption in terms of payment methods and options.
"Crypto is going to continue to play a very important role in that. And obviously, we want to be there where the customer really needs us to be," he said.
Kumar says the ways customers discover products are changing, and web3 has an opportunity to thrive. "Part of that is going to happen in the metaverse. Part of that is going to happen on live streams, inside your social media apps," he said. "So whether it is physical goods or virtual goods, they play a part in terms of what the customer wants.
When it comes to Walmart and 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," he said.
Walmart Goes Virtual
Walmart has slowly been wading into the world of cryptocurrencies. Last August, the retailer looked to hire a crypto czar. And in January it filed seven trademarks for its own virtual currencies and non-fungible tokens (NFTs).
Walmart also started exploring the metaverse. In May, it released a demo video of its virtual-reality shopping experience for the metaverse. And it recently rolled out its Walmart Land and Walmart Universe of play in the gaming platform Roblox.
"Roblox is one of the fastest-growing and largest platforms in the metaverse, and we know our customers are spending loads of time there. So we're focusing 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's evolving into — and helping form — the next iteration of the internet. While Roblox and Fortnite aren't compatible with virtual reality, they allow users to create their own content, games and host live social events and concerts. Players can buy, create and use their own virtual accessories, which is the role NFTs are looking to fill in the metaverse.
Walmart Land and Walmart Universe of Play feature music festivals, games and skating rinks. And users can buy, wear and play with virtual clothes, cosmetics and toys from brands sold in Walmart stores.
WMT stock rose 1.8% Tuesday. Its shares are down about 7% so far year-to-date.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
