Samsung to Open Virtual Version of its Flagship Store in Metaverse – Will the Move Raise Stock Prices?
Samsung Electronics America is known for the Galaxy series of smartphones and high-quality consumer and commercial LED and QLED television screens. Now, the electronics giant is seeking to recreate — and amp up — that experience in Decentraland, a digital environment in the metaverse where users interact virtually or through augmented reality.
Samsung is calling the new, virtual location, 837X, a play on the physical location of Samsung’s flagship at 837 Washington Street in the Meatpacking district of New York City.
“This is one of the largest brand land takeovers in the history of Decentraland,” Samsung told TheBlock.com, pointing out that it would only be open for a limited time.
In a release, Samsung revealed the “new metaverse experience brings its spirit as an experiential playground for people to discover the amazing possibilities when technology and culture collide.”
Fans visiting the metaverse store, which is based on an Ethereum-based virtual reality platform, will get to compete for NFT badges in a digital adventure through the Connectivity Theater. There will also be a musical component through a musical celebration at the “Customization Stage.”
In addition, Samsung has partnered with climate solutions platform, veritree to plant 2 million trees in 2022. In the Decentraland shop’s Sustainability Forest, visitors will be able to tour the forest and even have a mythical adventure.
After the announcement, Samsung stock prices jumped up when the market opened on Friday, Jan. 7. Mid-day Friday, the stock sat at $1,623, up 2.20% or $35 for the day. It is edging closer to its 52-week high of $2,070, but still closer to its low for last year in the $1,400s. If the stock price increase directly correlated to the rise, it would be an interesting example of transactions in the Ethereum-powered virtual world directly affecting finance in the real world.
In addition to the announcement of the new metaverse experience opening, Samsung also recently said it expects a 52% jump in Q4 operating profit as supply chain issues for microchips begin to alleviate. Since a variety of market factors affect stock prices, it is likely the flurry of positive news for Samsung led to the jump.
Some experts are calling the stock a buy, with Forbes valuing it at $1,810 in Q3 of 2021.
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