[ad_1]
Image Source: Getty Images
This article was originally published on Fool.com. All figures are in US dollars unless otherwise stated.
Bitcoin (Crypto: BTC) Because payment options could go mainstream sooner than you think.Suresh Kumar, speaking at Yahoo Finance’s All Markets Summit, walmart (NYSE: WMT), discussed some of the ways the giant retailer plans to make crypto a key part of its future payment strategy. As Kumar pointed out, “Cryptocurrencies will become an important part of how customers transact.”
Bitcoin stands to benefit the most as the most popular crypto for payments. Yes, it is definitely a bullish indicator for Bitcoin.
metaverse and crypto
So what is driving this newly discovered support for crypto as a payment option? One of the main drivers is Walmart’s adoption of the Metaverse. As Kumar pointed out, Walmart customers spend so much time in virtual worlds that they are encouraged to buy and discover new products. Once part of these virtual worlds, people are willing to pay for virtual goods, such as new goods for their online avatars. And that’s where cryptocurrencies like Bitcoin come into play.
Walmart has recently stepped up its support for the Metaverse. In September, we introduced Walmart Land and Walmart’s Universe of Play. roblox, is a popular Metaverse game platform. Walmart was clearly intrigued by the amount of time customers were spending on its platform. As of June 30, Roblox boasts 52.2 million daily active users, 11.3 billion hours of engagement, 12 million creators, and 32 million different experiences.
social media and crypto
Walmart also suggested that new ways people use social media are forcing the company to rethink the payment options it should offer customers. For example, Walmart’s live stream events on social media have proven 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 the products featured at them.Cryptocurrencies are being explored as a frictionless way for customers to pay for these goods online. Walmart has experimented with shoppable livestream events on several different platforms, including: twitterTikTok, YouTube.
Social media is blurring the lines between e-commerce and cryptocurrencies, especially when it comes to non-fungible tokens (NFTs). Customers who have purchased NFTs from online marketplaces want to showcase these NFTs on social media.In response to that need, Facebook and Instagram (from meta platform) virtual wallets holding these NFTs can now be connected to social media accounts. Because, as Kumar said in his presentation, crypto is at the heart of what customers want to do.
Walmart and Virtual Currency Notes
Of course, it should be noted that Kumar only specifically mentioned the metaverse and social media. For now, Walmart appears to be learning how to make cryptocurrencies part of its metaverse and social media strategy. He said cryptocurrencies could lead to a “disruption of payment options,” but did not suggest that Walmart stores would suddenly start accepting bitcoin. As such, some of the headlines you might see on social media are somewhat misleading.
For bitcoin, obviously, the biggest test will come when Walmart finally makes bitcoin payments an integral part of both the online and in-store experience. does not accept payments in Walmart has long been rumored to be considering Bitcoin as a payment option, but nothing has been officially announced.
Clearly, it’s exciting news that major retailers like Walmart are getting more involved with the metaverse and cryptocurrencies. Walmart’s filing of patents on his NFTs and crypto tokens, as well as the company’s recent introduction of Bitcoin ATM machines in stores, are often cited as evidence that Walmart is taking it seriously. If Walmart goes all-in on cryptocurrencies, it could be a scream buy signal for Bitcoin.
This article was originally published on Fool.com. All figures are in US dollars unless otherwise stated.
[ad_2]
Source link