- Walmart and Crocs are investigating NFT implementation, according to trademark filings
- The pair are looking to follow other huge companies into the metaverse
- China is also working on a public NFT platform
Walmart, Crocs, and China are among the entities that have jumped aboard the NFT train in the past week as the space enjoyed a rejuvenation, with over $2.5 billion worth of NFT trading taking place. While Walmart and Crocs trademark applications revealed an intent to at least investigate the idea of NFTs, it seems that China is actively working on a solution that would allow the average Joe to mint and sell NFTs…with restrictions, naturally.
Walmart Could Issue NFTs and Digital Currency
Walmart made the apparent leap into the metaverse when two trademark applications from December were recently uncovered by CNBC that indicate its intent to create and sell virtual goods from electronics to home decorations, as well as an apparent plan to create its own virtual currency and issue NFTs.
Of course, just because a trademark has been filed it doesn’t mean that the plans will come to fruition, but it is nevertheless a sign of interest at the very least.
Crocs Bitten by NFT Bug?
Shoemaker Crocs also seems to have been bitten by the NFT bug, with its own trademark applications revealing a desire to launch a range of NFTs relating to “footwear, clothing, bags, accessories and charms for decorating” from the brand.
Software for the sending, receiving and trading of these digital assets would also be designed in house, as would an online store for selling them, a sort of croc-chain, if you will. The company follows in the footstep of other footwear giants like Adidas and Nike in investigating the metaverse and NFT market.
China’s Public Platform Carries Huge Caveats
While private American companies moving into the NFT world is interesting, it’s hardly headline news anymore. What is, though, is when the fervently anti-crypto state of China announces that it is fine with NFTs.
Fortune reported on Friday that Blockchain Services Network, a Chinese state-backed blockchain company, is planning to roll out infrastructure that would allow businesses and individuals in China to make, sell, and buy NFTs.
According to He Yifan, CEO of Red Date Technology which provides technical support to Blockchain Services Network, there are no “legal issues in China” over the NFT world as long as what is being produced is not connected to existing cryptocurrencies…and presumably don’t denigrate the communist government in any way.
While this move is somewhat surprising, the fact that every NFT will be vetted by party overseers who will pull anything that even vaguely threatens to undermine the communist regime means that it doesn’t really amount to much when it comes to freedom of expression and decentralization.