20.06.202214:04 Forex Analysis & Reviews: Meta launches digital clothing store

While Bitcoin is trying to recover after it plunged below $20,000 and reached another annual low, probably considered temporary around $17,850, Meta announced that it was launching a designer digital clothing store. However, the key point is that the company is launching a store in the metaverse where users can purchase clothes for their avatars. Meta believes that clothing and other accessories will become a significant part of users' identity expression and this will encourage them to spend money on digital clothing that can be worn on all Meta applications, including Facebook and Instagram.

Obviously, Zuckerberg's new plan and Facebook's redesign have already been implemented. Metaverse is a digital analogue to our real world. Many companies, clothing manufacturers in particular, have started to actively partner with it to capitalize on users' need for identity expression.

A new clothing store named "Meta Avatars Store'' will allow users to buy clothes from different brands for their metaverse avatars. The store will feature digital outfits designed by such fashion brands as Balenciaga, Prada and Thom Browne, and will be available for Meta avatars on Facebook, Instagram and Messenger. Pricing for each of the available garments has not yet been revealed.

As noted above, Facebook's redesign and renaming to Meta is associated with the fact that the metaverse will extend in the coming years and the need for these digital items will only increase. The company plans to take the lead.

"Digital goods will be an important means of self-expression in the metaverse and a big driver of the creative economy. I'm excited to add more brands and bring it to VR soon," founder and CEO of Meta Mark Zuckerberg recently said. Speaking of virtual reality, Zuckerberg is referring to Horizon Worlds, Meta's flagship metaverse app which can only be used by owners of Meta's Quest, a line of VR headsets.

However, Meta's stock is plummeting amid the current events. The main reason is that an early pivot to the metaverse would be costly. In his interview, Zuckerberg noted that Facebook will lose a significant amount of money over the next three to five years due to the innovations and changes in the company.

As for Bitcoin's short-term prospects, it is clear that only few traders are willing to buy even at the current lows. To develop bulls' initiative, they should be active around $20,800. Only consolidation above this range will quickly return the trading instrument to $21,850. This move will calm down investors deeply shocked after Bitcoin plummeted below $18,000 at the weekend. A breakout of the nearest support around $19,600 and another consolidation below that range would result in Bitcoin's move to reach the low of $18,400 again, and then it is close to $17,540.