Sokin to launch e-commerce payments in the metaverse

Sokin has announced that it will introduce e-commerce payments for the metaverse.

The payments provider said that while at the moment there is no single metaverse where consumers can shop for their favourite brand, it will launch its own 3D community of retailers to enable consumers to “meet, communicate, transact, invest, and purchase in one all-encompassing ecosystem and virtual economy”.

Consumers will make purchases via its peer-to-peer mobile app within the metaverse.

A number of brands, including PrettyLittleThing, P&G Beauty, boohooMAN, Vans, Nike, Gucci, and Burberry are already beginning to step into the metaverse with digital products and the use of augmented and virtual reality.

“Sokin’s metaverse world will host different brands and businesses for visitors to access, for example, a football club, entertainment or fashion brand”, Vroon Modgill, founder and chief executive at Sokin, who already partner with a number of global football clubs, explained. “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.”

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