No, H&M Is Not Opening a Store in the Metaverse

Retail giant H&M is not opening a 3D store in the metaverse, despite widely-circulated media reports. 

H&M, the second-largest clothing retailer in the world, quickly dismissed the rumors in an email to Blockworks on Monday.

 “I’d like to confirm that we are not opening a store in Metaverse,” a spokesperson from H&M said.  

Rumors initially emerged after a tweet from virtual reality (VR) developer CEEK on Dec. 7, showcasing a concept project for a VR version of an H&M store that hinted at a potential collaboration between the two.

The metaverse-related platform, which runs on Ethereum’s blockchain, did not immediately respond to Blockworks’ requests for comment on the matter.

“Yes we’ve seen the tweet from them but it’s not a collaboration with Ceek,” the H&M spokesperson added.

Various media reports alleged that customers could walk through a virtual store in a 3D virtual world, also known as CEEK City Universe, and choose a digital clothing item offered by H&M to purchase. Users could then buy the digital collectibles via a virtual currency, dubbed CEEK, to wear online. 

CEEK is currently trading up 0.31% at $0.71 at time of publication. According to Coinbase, the token has declined by 22.5% in the past 30 days.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.

The post No, H&M Is Not Opening a Store in the Metaverse appeared first on Blockworks.

Source: https://blockworks.co/no-hm-is-not-opening-a-store-in-the-metaverse/