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The current crypto market downturn has dragged the prices of Bitcoin (BTC) and Ether (ETH) down this year. But the emergence of the Metaverse could be the catalyst the digital asset market needs to stage a sustainable rebound.
Suresh Kumar, Walmart’s global chief technology, views crypto as a major area of disruption when it comes to how customers pay for goods in the future.
“I think that there are three major areas of disruption,” Kumar said in an interview during Yahoo Finance's All Markets Summit. “Crypto falls in sort of the middle of it. I have talked before about the way in which customers are getting inspired and discovering products. That is changing”
Kumar also highlighted crypto’s potential usage in the Metaverse and social media. Since these are considered two areas where consumers are most likely to spot new products, it makes sense for companies to accept crypto payments as well.
“And part of that is going to happen in the Metaverse,” the Walmart executive added. “Part of that is going to happen on live streams, inside your social media app. So whether it is physical goods or virtual goods, they play a part in terms of what the customer wants.”
Despite the current depressed prices of Bitcoin, Ether, and other digital currencies, crypto is here to stay. Walmart is making sure that it is ready to serve customers in this crypto-driven future.
“The role of crypto is going to continue to play a very important role in that. And obviously, we want to be there where the customer really needs us to be,” Kumar explained. “The last part of it is how products get discovered, products get delivered. A lot of disruption going on over there. But when you specifically talk about crypto, it is going to be about discovery of products, whether it is physical or virtual inside, either the Metaverse or upfront, and then how people transact.”
