- Skechers announced that it was entering the metaverse.
- This will be through a new lease in the Fashion District of Decentraland.
- Skechers has leased the equivalent of a 5,000-square-foot space on virtual land.
On Thursday, Skechers, the American footwear company, announced that it was entering the metaverse through a new lease in the Fashion District of Decentraland. The California-based sportswear retailer also filed a number of international trademark applications to sell virtual goods, such as footwear and apparel.
The third-largest athletic footwear brand in the world has become the first company to sign a lease in Decentraland’s Fashion District. Skechers has leased 5,000-square-foot space on the virtual land to build an experiential store on the Fashion Street Estate in Decentraland.
Skechers President and Co-Founder Michael Greenberg stated that this agreement was an investment in the lifestyle brand’s future. Greenberg said:
We look forward to embarking on this virtual era, and exploring creative ways for our brand to engage with new customers and audiences as we launch the new Skechers experience.
Inside the Decentraland metaverse, users can create, experience, and monetize their content and applications. They can even buy plots of land that they can build on and monetize. The virtual space within Decentraland is called ‘LAND.’ This is a non-fungible digital asset maintained in an Ethereum smart contract. LAND is divided into parcels. These parcels can be purchased using MANA, Decentraland’s cryptocurrency token.
Fashion Street Estate is a fashion district that is being built within the Decentraland metaverse. Recently, several renowned high-fashion brands made their way into the metaverse. Gucci and Ralph Lauren (NYSE:RL) already have virtual pop-up shops on Roblox and Zepeto; while Balmain and Adidas (OTC:ADDYY) have dropped NFT collections.