Walmart Initiates Accelerator Program for Web3 Startups

• ByStartupStory     |    June 12, 2023

In 2017, Walmart introduced Store No.8 to nurture cutting-edge commerce companies venturing into areas such as virtual reality, drone delivery, and personalized shopping. The latest accelerator program by Outlier Ventures and Store No.8 aims to support startups focusing on the metaverse, decentralized infrastructure, data and growth solutions, and the convergence of AI and blockchain technology. Participating startups will gain valuable insights from mentors regarding product roadmap development, community building, token economy comprehension, pitching techniques, fundraising strategies, and governance, among other essential topics.

“Decentralized commerce has the potential to unlock new value in the global commerce ecosystem, so we are excited to partner with Outlier Ventures to support and engage with entrepreneurs building at the forefront of this technology on their path to scale,” Thomas Kang, vice president of Store No.8, said in a statement. 

In addition to fostering emerging commerce startups, Walmart has prioritized its digital strategy. In April, the company unveiled enhancements to its website and mobile app, aiming to enhance and customize the e-commerce experience for shoppers. During this announcement, Dominique Essig, the vice president of conversational commerce at Store No.8, also introduced Walmart’s Text to Shop experience, providing a convenient and innovative way for customers to engage with the brand.

In the ever-evolving landscape of retail, numerous brands and retailers have embraced Web3 initiatives. In November of last year, Nike made headlines by introducing its platform called .Swoosh, which leverages Web3 technology. The platform enables Nike members to collect and co-create virtual objects, with the future potential of trading virtual goods. 

Similarly, Lacoste joined the Web3 movement by unveiling a virtual store, featuring an exclusive room reserved solely for members of its Web3 communities who possess a Lacoste NFT (Non-Fungible Token). These endeavors highlight the industry’s growing interest in exploring the possibilities of Web3 and its impact on the retail sector.

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