Enforcement Directorate (ED) tells Delhi HC

08 January 2022, Mumbai:

Sweden-based fast fashion brand H&M has entered the metaverse space by launching a new virtual store. The metaverse connects artists, athletes, and other digital content creators with their fans in a virtual universe.

Located in Ceek city, the new virtual H&M store allows customers to roam around and buy clothes. However, these garments can only be bought with the Ceek currency and are available for trial in the digital world only, as per a Lifestyle Asia report.

In this world, all the payments will be made through CEEK coin -- a metaverse coin project built on the Ethereum blockchain.

Additionally, one can also buy these clothes from the physical store using Ceek currency. The apparel bought in the metaverse will be worn by digital avatars in the synthetic universe.

Customers would soon also have an option to purchase these clothes from physical stores across the globe soon. With this store, H&M became the first metaverse clothing retail store in the metaverse.

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