Bitcoin (BTC 0.01%) As a payment option it can be mainstream faster than you think. Speaking at Yahoo Finance’s All Markets Summit, Suresh Kumar, Global Chief Technology Officer at Walmart (WMT 2.02%)Discuss some of the ways the retail giant plans to make crypto an essential part of its future payments strategy, both for physical and virtual goods. As Kumar noted, “Cryptography will become an important part of how customers transact.”
BitcoinAs the most popular cryptocurrency for payments, you will benefit the most. If a huge retailer like Walmart really does everything in crypto, that would be a massive checkpoint and would definitely be a bullish sign for bitcoin.
Metaverse and encryption
So what is driving this new support for cryptocurrency as a payment option? It was one of the main factors Walmart embraces metaverses. As Kumar pointed out, Walmart customers are inspired to buy and discover new products as a result of all the time they spend in virtual worlds. Once they become part of these virtual worlds, they are looking to pay for virtual goods, such as new merchandise for an online avatar. And this is where cryptocurrencies like Bitcoin enter the picture.
Walmart has recently ramped up its support for metaverses. In September, Walmart Land and Walmart’s Universe of Play on . presented RobloxIt is a popular metaverse gaming platform. Apparently Walmart was fascinated by all the time customers spend on the platform. As of June 30, Roblox boasted 52.2 million daily active users, 11.3 billion interaction hours, 12 million creators, and 32 million different experiences.
Social media and coding
Walmart also suggested that the new ways people use social media has forced the company to rethink the payment options it should offer to customers. For example, Walmart live events on social media have been shown to be a great way for customers to learn about new products and see how they are used in real life. While watching these events, you may want to purchase products featured in them, and cryptocurrencies are being explored as an easy way for customers to pay for these goods online. Walmart has experimented with live stream events that can be shopped on several different platforms, including Twitterand TikTok and YouTube.
Social media is also blurring the line between e-commerce and crypto, especially when it comes to non-fungible tokens (NFTs). Customers who buy NFTs via online marketplaces now want to display their NFTs on social media. In response to this need, Facebook and Instagram (from meta padsNow make it possible to connect your virtual wallet holding NFTs to your social media accounts. Again, your virtual wallet holding NFTs may also contain cryptocurrencies, so as Kumar pointed out in his presentation, crypto is really in the middle of things that customers love to do.
Warnings about Walmart and cryptocurrency
Of course, the big caveat here is that Kumar only specifically mentioned social media and the media. Right now, Walmart appears to be in the process of learning about how to make crypto part of its metaverse social media strategy. He stated that crypto could lead to a “disruption of payment options,” but did not indicate that Walmart stores would suddenly start accepting bitcoin. So some of the headlines you may see on social media can be somewhat misleading.
For Bitcoin, the biggest verification will obviously come if Walmart eventually makes paying with Bitcoin an essential part of its online and in-store experience. At the moment, though, Walmart does not accept payments in cryptocurrency. It has long been rumored that Walmart is looking at Bitcoin as a payment option, but nothing official has been announced.
It’s clearly exciting news that major retail giants like Walmart are getting more involved in cryptocurrency and cryptocurrency. People often like to point to Walmart’s patent filings for NFTs and crypto tokens, as well as the company’s recent incubation of in-store Bitcoin ATMs, as evidence that the company is about to get really serious. If Walmart does everything on crypto, it could be a loud buy signal for Bitcoin.
Randy Zuckerberg, former director of market development and spokesperson for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Dominic Bassolto He has positions in Bitcoin. Motley Fool has positions in and recommends Bitcoin and Meta Platforms, Inc. and Roblox Corporation, Twitter, and Walmart Inc. Disclosure Policy.