Facebook-Owned Meta is Opening a High-End Avatar Clothing Store.

Balenciaga, Prada, and Thom Browne will be the first fashion companies to take part in the store opening.

 According to CEO Mark Zuckerberg, Facebook-owned Meta Platforms is introducing a virtual clothes store where customers may buy fashionable garments for their avatars. 

Balenciaga, Prada, and Thom Browne will be the first fashion houses to participate in the store's launch, but Zuckerberg stated in an Instagram Live that Meta aims to make the store an open marketplace where developers can design and sell outfits.

In accordance with an amended EU code of behaviour that threatens to slap them with large fines if they don't, Meta, Alphabet subsidiary Google, Twitter, and Microsoft agreed to adopt a stricter stance against disinformation earlier this week.

The new Code of Practice on disinformation has more than 30 signatories, including advertising groups, according to the European Commission. 

The EU executive said, confirming a Reuters report last week, that the signatories agree to do more to combat deep fakes, fake accounts, and political advertising, while non-compliance can result in fines as much as 6% of a company's global revenue. 

The businesses, which also include TikTok and Amazon's live streaming e-sports service Twitch, have six months to abide by their commitments and will be required to provide an update at the start of 2023.

At a press conference, Commission Vice-President Vera Jourova stated, "The new code is a testimony that Europe has learned its lessons and that we are not naive any longer." 

She claimed that the EU's campaign against fake news was accelerated by the invasion of Ukraine by Russia, the COVID-19 pandemic, and Britain's exit from the EU. 

According to EU industry director Thierry Breton, sanctions may include barring businesses from operating in Europe.