The region’s first metaverse marketplace, Magnati-MetaV, is being introduced by payment solutions provider Magnati. It allows customers to have a fresh and engaging e-commerce experience. With the help of a new virtual environment, the platform aims to change consumer behaviour from “electronic commerce” to “experiential commerce.” By allowing users to shop, learn, play games, attend concerts, and more through an online experience, it also hopes to quicken the transition from two-dimensional to multi-dimensional online commerce.

Magnati-MetaV provides Middle Eastern retailers with a completely immersive way to reach their customers because it is built on the company’s blockchain. To give customers a multidimensional experience of retail offers, brands can co-create virtual stores in a discovery-driven online environment. Users will have access to a variety of retail categories, including fashion, grocery, gaming, technology, and more, and will be able to browse, select, and buy things in each one. To attend virtual concerts, sporting events, and educational courses, users can also buy tickets and sign up for events.

Magnati is proud to launch "Experiential Commerce" through Magnati-MetaV, regions first metaverse fully integrated with existing payments infrastructure driving migration from "electronic" commerce to "experiential commerce" pic.twitter.com/XWfFdvfs8a

— Magnati (@MagnatiPay) June 30, 2022

The experience commerce platform from Magnati-MetaV offers online retailers multiple advantages by addressing common e-commerce problems. The platform promises to assist shops in lowering sales cancellations, returns, and exchanges by giving merchants tools that let customers virtually experience a product. Additionally, it creates new business prospects and revenue streams for a variety of other commercial sectors, such as government, education, events, and gaming. In order to facilitate the shift from electronic commerce to experience commerce, it is the first metaverse platform that is fully integrated with conventional payment rails and gateways. Cards, wallets, and other current digital form factors can be used to pay for goods and services on Magnati-MetaV.

Ramana Kumar, chief executive officer of Magnati, said, “Magnati-MetaV is a natural evolution of our strategy to help merchants stay ahead in this fast-paced digital age. Today’s e-commerce is built on 2D user experiences, which leads to challenges around sales returns, cancellations and customer disappointment. Enabling the customer to experience the product or service drastically reduces these challenges. Magnati-MetaV also creates multiple opportunities for entities previously restricted by geography or brick-and-mortar business models, such as educational institutions, event and sports arenas, and government services.”