USA – CVS Health has filed for a trademark that would allow it to sell goods and services in the metaverse, according to a document filed with the U.S. Patent Trade Office.
A metaverse is an interconnected network of three-dimensional virtual worlds. It is sometimes referred to as a version of the internet that operates as a single, digital world made possible by the use of virtual and augmented reality headsets.
Since Facebook announced its intention to launch a metaverse, essentially providing a 3D, virtual iteration of its social media platform, the term has gained traction.
Facebook even changed its name to Meta, a holding company that owns the social media platforms Facebook and Instagram.
CVS Health stated in the filing that it wishes to trademark its logo, open an online store, and create downloadable virtual goods ranging from prescription drugs to beauty and personal care products.
According to CNBC, it is the first pharmacy to do so, though trademark attorney Josh Gerben said there has been a flurry of mataverse filings since Facebook announced the name Meta.
CVS also intends to move some of its in-store health services, such as non-emergency medical treatment services, wellness programs, nutrition advisory services, and health lifestyle and nutrition counseling, to a virtual setting.
The company will use blockchain technology to create its downloadable virtual goods. Digital assets and collectibles will be sold as non-fungible tokens (NFTs).
NFTs are poised to become a significant source of revenue for virtual companies, allowing CVS to potentially tap into a new and burgeoning market opportunity.
The application describes an online marketplace for buyers and sellers of downloadable multimedia files containing artwork, text, audio, and video relating to retail consumer goods, prescription drugs, health, wellness, beauty, and personal care products, and general merchandise authenticated by non-fungible tokens.
CVS intends to sell non-virtual consumer goods through the metaverse as well.
While CVS Health intends to expand its virtual presence, it will have a smaller physical presence, as it announced in November plans to close 900 of its stores nationwide over the next three years, restructuring itself to offer more healthcare services in the remaining locations.
The company will develop three new distinct store formats aimed at increasing consumer engagement and serving as community health destinations.
CVS has also filed to bring its health care services into the virtual world, looking to provide nutrition and wellness coaching, “namely, non-emergency medical treatments services, wellness programs, advisory services related to nutrition, providing health lifestyle and nutrition services… and counseling.”
CVS Health forecasted a healthy chunk of revenue in 2022 of at least US$304 billion during its Investor Day in December.
The increase in revenue projections is due, in part, to CVS’s strategy of investing in high-growth areas of the business and introducing new health products, services, and technologies, which CVS claims will increase shareholder value.
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