This past Friday luxury goods providing company SFLMaven Corp (OTCMKTS:SFLM) was in the news after it made a major announcement but it did not have much of an effect on its stock, which remained in a range.
Trading Data
On Friday, SFLM stock ended flat at $0.0009 with 11.48 million shares, compared to its average volume of 43.19 million shares. The stock moved within a range of $0.0008 – 0.0009 after opening trade at $0.0008.
SFLMaven Provides Corporate Update Ahead of Launch of Metaverse Store on May 18
The company announced on that day that it was making a move towards one of its most important strategic goals with the launch of the SFLMaven Metaverse Store. The store is almost ready and the company announced that it was going to be made fully available from May 18 at 5 in the evening Eastern Time.
The Metaverse is widely regarded as the next stage of the internet and there are experts who believe that it could be a massive opportunity for businesses. Hence, many companies are now making that move to the Metaverse and SFLMaven is one of the latest companies to have done so.
While the announcement was a significant one, it seems that investors are perhaps looking for further developments on this front before making a move on way or another on the stock. It may be a good idea now for investors to consider adding the stock to your watch lists and keep an eye on further developments.
Key Quote
“We have been targeting the launch of our metaverse presence for the past two quarters and we can finally claim to be on the verge of turning that vision into a reality,” noted Joseph Ladin, SFLMaven CEO. “We continue to see strong and stable results from our core real-world vintage jewelry business, which is on a path toward significant growth in 2022. But we believe in embracing new and innovative pathways – as we did two decades ago when we took vintage jewelry online through eBay – and the digital NFT-based vintage jewelry marketplace appears well situated to deliver accelerating growth in the years ahead.” Bloomberg recently calculated that the Metaverse could be worth nearly $800 billion for investors in the years ahead, marking it as a leading thematic axis around which high-growth portfolios will be built over the coming decade. JPMorgan later backed that up, calling the metaverse a $1 trillion opportunity.
Technical Data
SFLM stock is below the 50-Day and 200-Day Moving averages of $0.0009 and $0.0010 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0025.
