Sokin announces world’s first metaverse ecommerce platform

Sokin is launching full ecommerce payments in the metaverse for the first time, allowing brands and businesses to grow from its physical store to the virtual world.

According to the payment provider, no single metaverse world currently exists where consumers can shop their favourite brands. However, Sokin is unveiling its own metaverse community designed to process full ecommerce transactions.

The metaverse world will host a 3D community of brands and retailers, allowing consumers to “meet, communicate, transact, invest and purchase in one all-encompassing ecosystem and virtual economy.”

Payments will be made via Sokin’s peer-to-peer mobile app within the metaverse.

READ MORE: Victoria’s Secret files trademark to enter metaverse

As a result, the payment provider claims to have “firmly positioned itself as the leading player in the metaverse global payments world.”

“Sokin’s metaverse world will host different brands and businesses for visitors to access, for example, a football club, entertainment or fashion brand”, said Sokin founder and chief executive officer Vroon Modgill.

“We’ve seen campaigns by retailers in which an avatar models an item of clothing but then the experience abruptly stops there. So, we close the sales loop by ensuring a purchase can be made directly within the metaverse experience – this is never before seen innovation we are spearheading as we further bridge the gap between the metaverse and the physical world.”

The news comes as retailers continue to embrace the metaverse, with PrettyLittleThing recently launching its first digital model and many high fashion brands offering digital versions of its clothing to consumers.

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