A payments provider says it 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.

Sokin’s metaverse world will host a 3D community of brands and retailers and allow consumers to meet, communicate, transact, invest and purchase in one virtual economy.

Consumers will make purchases through Sokin’s peer-to-peer mobile app within the metaverse.

The 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 are 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,” said Vroon Modgill, founder and CEO at Sokin. 

“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 already partners with a number of global football clubs. It is live in 32 countries and has more than 120,000 registered users with 175,000 on its global waiting list.