Skechers joins the Metaverse
Skechers, the world’s third-largest sneaker brand, has announced that it will build a virtual store in the Metaverse.
In a press release, the American footwear company said it had leased the equivalent of 5,000 square feet of virtual land on Decentraland’s Fashion Street Estate. Michael Greenberg, Skechers President, said that the goal was to discover creative ways to engage new customers and audiences.
Skechers’ announcement is the latest in a long line of companies that have made a transition to the digital world. The launch of the sneaker brand follows JPMorgan, an American investment bank that opened a lounge in the virtual world last month. The bank predicted that the Metaverse would grow to $1 trillion annually. At the start of the year, Samsung opened a virtual shop in Decentraland.
These developments are indicative of growing interest in Decentraland, and other Metaverse-related Projects. However, MANA, the native token of MANA, did not respond to the news.
MANA is currently in a downtrend, 61% below its all-time high. The 30th largest cryptocurrency by market capital seems to be trading above a weak resistance, showing little or no sign of recovery.
MANA Looks Weak
Technically, MANA is above the 200-day moving average of $2.30 on the two-day charts. MANA has tested this critical support level six times since January 1, which could limit its potential to hold. A decisive close below 100-day moving Average could cause a 32% correction to the 200-day moving Average at $1.60.
MANA must be stopped from further losses by the bulls. In order to signal a trend reversal, prices will need to recover the 50-day moving mean as support on the daily chart. Under such circumstances, Decentraland’s native token could rise to test the $4 resistance level.