Roblox Corporation (NYSE: RBLX) and fashion brands is a growing
love story in the metaverse space. Recently, the company announced a collaboration with Swedish fashion brand H&M (OTC: HNNMY) to reveal Loooptopia, an immersive gaming experience on the platform. Both the company stocks jumped by around 3% following the news. RBLX stock was changing hands at $29.98 at the publication time.
Another Fashion Brand Joins Roblox
The latest experience will target H&M enthusiasts and allow the users on the network to trade virtual clothes, social interaction, and more. The metaverse platform is reportedly in talks with a kitchen furnishing company, Williams-Sonoma (NYSE: WSM), too. This will be a unique deal for Roblox considering a mass of fashion giants on the network.
According to the latest data, the platform has over 58 Million daily active users spread across different virtual worlds. In October 2022, they announced a partnership with the International Association of Football Federation (FIFA) to introduce FIFA World ahead of the world cup.
In July 2021, Sony Entertainment Music entered their ecosystem following the Lil Nas X concert that attracted around 36 Million users in a single go. In May 2021, the company revealed Gucci Garden in a limited time event, allowing players to purchase in-game items for avatars.
RBLX Stock Price Analysis
Company shares opened the year by an over 70% decline in contrast to 2022. A steep decline is visible, starting November 2021. The price shows a struggle during May 2022 and August 2022, reaching a high of $54 during the period. Mid-August saw sellers’ entry, causing a decline throughout the month, a similar pattern is apparent in September.
Bollinger bands suggest a support zone near $25 while a resistance level at $34. RSI shows an overbought position, indicating a downturn in coming days. Anchored VWAP suggests that price broke out of the support but returned to the previous spot upon new year’s arrival. Fib retracement determines the stock may retrace back to $25. However, if a breakout occurs, it will maintain a new resistance at around $38.
Roblox corporation has emerged as one of the most interesting metaverse platforms considering the interoperability among well tailored spaces. Experts believe that we may see new enhancement in the sector including improved graphics and cloud computing capabilities.
Cryptocurrencies will play a vital role in virtual spaces and no other company than Roblox has offered a platform that shares perfect metaverse vision. Mark Zuckerberg’s Meta Platforms Inc. (NASDAQ: META) is believed to be the biggest player in the metaverse, but Roblox appears way ahead in the market and may become a better player than many contemplated to be the leading entities in the game.
Source: https://www.thecoinrepublic.com/2023/01/06/hm-collaboration-lifts-rblx-stock-price-by-over-3-yesterday/