Sokin, the next generation payments provider, is set to enable full ecommerce payments for the first time in the metaverse, allowing brands and businesses to grow from its physical store into the virtual world.
Currently no single metaverse world exists where consumers can shop their favourite brands, however, Sokin will launch its own metaverse community (which can be previewed here) designed to process full ecommerce transactions. Sokin's metaverse world will host a 3D community of brands and retailers – from sporting to fashion and beyond – and allow consumers to meet, communicate, transact, invest, and purchase in one all-encompassing ecosystem and virtual economy. Consumers will make purchases through Sokin's accessible peer-to-peer mobile app within the metaverse.
By doing so, Sokin has firmly positioned itself as the leading player in the metaverse global payments world, allowing consumers to connect with some of the world's most recognisable brands while facilitating the transfer of money in a safe, secure, and transparent way.
The metaverse ecommerce community has already taken initial steps into the virtual world with popular high-street retailer, PrettyLittleThing, launching its first unnamed digital model, "Virtual Girl," while luxury brands such as Gucci, Burberry, and Balenciaga* already offering digital versions of its clothing to consumers.
"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 CEO 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."
Sokin came to the forefront in August 2021 with the launch if its Global Currency Account designed to give consumers 51% cheaper global money transfers** and access cost-effective currency exchange in 38 currencies to over 200 countries and territories, for one fixed monthly fee. Sokin has already enjoyed success in over 32 countries and has over 120,000 registered users and 175,000 on its global waiting list. Launches in Brazil, Canada and India are expected imminently.
*How luxury brands are making money in the metaverse, Forbes.
**Comparison based on the average digital remittance cost when sending USD200 using the free Sokin Basic account to a Sokin Wallet user. Data sourced from the World Bank.