Leading retailer Walmart Inc WMT is making a big bet on the growth of the metaverse with a partnership with leading metaverse and gaming company Roblox Corporation RBLX.
What Happened: Walmart announced the launch of Walmart Land and Walmart’s Universe of Play on Monday.
Roblox users will be able to unlock exclusive content, check out exclusive Walmart virtual areas and see top artists perform with the new partnership.
Walmart will use its Universe of Play as a virtual toy destination, coinciding with the upcoming holiday shopping season.
“We’re showing up in a big way -creating community, content, entertainment and games through the launch of Walmart Land and Walmart’s Universe of Play,” Walmart U.S. Chief Marketing Officer William White said.
Among the features of the partnership will be a virtual store with Walmart merchandise, something the company is calling “verch” for avatars. Users will be able to unlock tokens and badges through games and competitions.
Other features include Electric Island, a virtual music festival with dance challenges and Netflix Inc NFLX trivia, House of Style with a virtual dressing room and Electric Fest, a virtual concert experience with performances from artists like Kane Brown, YUNGBLUD and Madison Beer.
Related Link: Nike Betting On The Metaverse With NIKELAND In Roblox: What Investors Should Know
Why It’s Important: The partnership with Walmart strengthens the use case for Roblox being a top destination in the metaverse and gaming space, granting access to millions of people who are loyal monthly active users of Roblox.
“Roblox is one of the fastest growing and largest platforms in the metaverse, and we know our customers are spending lots 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,” White said.
Walmart is one of the largest retailers in the world, with over 230 million customers and 10,500 stores worldwide. The retailer filed metaverse-related trademarks earlier this year, as previously highlighted by Benzinga. Walmart has also explored launching its own digital currency and non-fungible tokens.
The partnership by Walmart follows apparel and footwear company Nike Inc NKE partnering with Roblox for a presence in the metaverse. Announced in November 2021, NIKELAND was launched in Roblox.
Nike announced in March 2022 that over 6.7 million people from 224 countries had visited NIKELAND on Roblox in the first several months of launch.
Roblox has seen shares fall in 2022 by over 60%. The company reported second-quarter revenue of $591.2 million, up 30% year-over-year, but shy of a Street estimate of $645 million.
Second quarter daily active users were 52.2 million for the company. Average bookings per DAU fell 21% year-over-year in the second quarter.
Partnerships with companies like Nike and Walmart could continue to show the use case for Roblox as a bridge to the metaverse and access to millions of people interested in virtual worlds.
RBLX Price Action: Roblox shares are up 2% to $36.25 on Monday, versus a 52-week range of $21.65 to $141.60.
Photo: Courtesy of JJBers on flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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