Retail giant Walmart’s incubator arm Store Nº8 and Outlier Ventures have joined forces to launch the Web3 accelerator program Store Nº8 Base Camp. The 12-week incubation program brings together a leading group of five companies specializing in marketing, advertising, and payment technology development in the Web3 sector.
What is Store Nº8 Base Camp?
The participating startups in the program are based in countries such as the US, Italy, Poland, and the UK. Thomas Kang, Walmart’s Vice President and General Manager, and the Executive responsible for commerce at Store Nº8, commented on the process:
“At Walmart, we see the growth and expansion of the crypto sector as not only an opportunity to develop new ways to connect and engage with our customers, but also an opportunity to explore a new form of commerce.”
Thomas Kang stated that Web3 offers the opportunity to bridge customers’ physical and virtual lives by allowing them to purchase both crypto products and real-world equivalents, and he further commented:
“Throughout the coming year, you will see us testing various experiences that connect commerce in stores to the metaverse sector, and vice versa.”
Walmart’s Web3 Initiatives
The program focuses on improving experiences for retailers and consumers through Web3 innovation in the decentralized commerce space. Last month, the popular NFT collection Pudgy Penguins launched a toy series in over 2,000 Walmart stores across the US. Benjamin Meyer, CPO of Outlier Ventures, commented on the matter:
“We believe that decentralized commerce presents a significant opportunity to break down the fundamental elements of trade and transform it into a more decentralized and adaptable protocol framework. This shift aims to enhance efficiency, trust, equality, and overall user experience for both retail companies and consumers worldwide.”
The program operates independently from the company protocol, and the teams operate on various blockchain networks. Each project will receive a $200,000 grant from Synergis Capital and corporate consulting from KPMG US. The startups will also have access to and support from Store Nº8’s networks in e-commerce, marketing, media, Web3, gaming, and entrepreneurship.