On Monday, the US-headquartered retail giant Walmart announced its “Walmart Land” and “Walmart’s Universe of Play” on metaverse gaming platform Roblox.
Roblox is a gaming platform with 52.2 million active daily users, according to its website and has gained traction among Generation Z users.
Walmart’s debut in the metaverse will include a virtual store of merchandise for avatar in Walmart Land, alongside a Ferris wheel and tokens and badges which will be unlocked by participating in various games and competitions.
Walmart’s Universe of Play will display the best and exciting toys this year where “the Roblox community can explore different toy worlds to earn coins for cool virtual goods, or complete epic challenges to build a personal trophy case, unlock secret codes and more,” the announcement detailed.
Chief Marketing Officer for Walmart U.S., William White, added:
“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, something we’re already doing in the communities where they live, and now, the virtual worlds where they play.”
Roblox is home to many retailers and brands such as high-end designers Ralph Lauren and Gucci. Sports footwear brand Vans runs a virtual skate park in Roblox and Nike has its virtual Nikeland where you can try on merchandise or join in some action-packed activities, such as dunking contests.
Trademark applications filed by Walmart on December 30, 2021 which included cryptocurrency solutions, blockchain technology and non-fungible tokens (NFTs), already hinted towards a metaverse debut.
A recent McKinsey report predicts that the metaverse “will have a major impact” on people’s commercial and personal lives in the years to come and forecasts that the metaverse could generate up to $5 trillion by 2030.
Other research from Citigroup believes that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Banking giant Goldman Sachs is slightly more conservative and sees the metaverse presenting itself as an $8-12 trillion opportunity.