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Metaverse News

Bitcoin Could Increase if Walmart Gets Serious About Crypto

Bitcoin (BTC -0.14%) may become a popular payment option sooner than you think. Suresh Kumar, the global chief technology officer of Walmart (WMT 2.02%), spoke about how the retail giant plans to incorporate cryptocurrency into its future payments strategy for both physical and virtual items. According to Kumar, crypto will become an integral aspect of customer transactions.

As the most popular cryptocurrency for payments, Bitcoin stands to gain the most. If a large store like Walmart goes all-in on cryptocurrency, that would be a significant validation point and a bullish indicator for Bitcoin.

The metaverse and crypto

So what is driving this sudden acceptance of cryptocurrency as a payment option? A significant factor has been Walmart’s adoption of the metaverse. According to Kumar, Walmart customers are driven to purchase and explore new things due to the amount of time they spend in virtual worlds. Once participants are a member of these virtual worlds, they intend to purchase virtual items, such as new clothing for their online avatar. And here is where cryptocurrencies such as Bitcoin come into play.

Walmart has recently increased its support for the metaverse. Walmart launched Walmart Land and Walmart’s Universe of Play on Roblox, a famous metaverse game platform, in September. Walmart was clearly interested by the amount of time users spent on the platform. Roblox had 52,2 million daily active users, 11,3 billion engagement hours, 12 million developers, and 32 million unique experiences as of June 30.

Social media

Walmart also claimed that the new methods in which individuals use social media had compelled the corporation to reconsider the payment choices it offers customers. For instance, Walmart’s livestream events on social media have proven to be a terrific method for shoppers to learn about new items and see how they are utilized in the real world. While watching these events, you may want to purchase products that are featured in them. Cryptocurrency is being investigated as a frictionless method for customers to pay for these items online. Walmart has experimented with shoppable livestream events on Twitter, TikTok, and YouTube, among others.

Social media is also eroding the distinction between e-commerce and cryptocurrency, particularly with regard to non-fungible tokens (NFTs). Customers who acquire NFTs through online markets now desire to share them on social media. In response to this demand, Facebook and Instagram (from Meta Platforms) now allow you to link your NFT-containing virtual wallet to your social media profiles. As Kumar mentioned in his presentation, your virtual wallet storing these NFTs may also hold cryptocurrencies, placing crypto right in the midst of what customers prefer to do.

Walmart and cryptocurrency disclaimers

Obviously, the major qualification here is that Kumar just mentioned the metaverse and social media. Walmart appears to be in the learning phase of incorporating cryptocurrency into its metaverse and social media strategy. He noted that cryptocurrencies could cause a “disruption in payment alternatives,” but he did not imply that Walmart would start taking Bitcoin immediately. Therefore, some of the headlines you may encounter on social media may be slightly deceptive.

Walmart’s ultimate use of Bitcoin as a payment option for both its online and in-store shopping experiences would be a significant confirmation for Bitcoin. Currently, Walmart does not accept bitcoin payments. Walmart is said to be considering Bitcoin as a payment option for quite some time, although nothing formal has been published.

Walmart’s increased involvement with the metaverse and cryptocurrencies is obviously exciting news. People frequently mention Walmart’s filings for non-fungible tokens (NFTs) and crypto-tokens, as well as the business’s recent adoption of Bitcoin ATMs in-store, as evidence that the company is on the verge of becoming truly serious.

If and when Walmart goes all-in on cryptocurrency, this could be a signal to buy Bitcoin.

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About Tina

Bitcoin Could Increase if Walmart Gets Serious About CryptoTina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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