DBS Bank has partnered with the blockchain gaming platform, The Sandbox, to launch its first metaverse project.
First Local Bank To Enter Metaverse
Singapore-based DBS Bank is the latest to get on board with the Metaverse train. The multinational financial institution has partnered up with Ethereum-based virtual gaming world, The Sandbox, to create a metaverse experience for its customers, focusing on building a more sustainable world. The project consists of a virtual world that is being dubbed DBS BetterWorld, which will be freely available to all members of the public, even to non-customers.
Under the partnership with The Sandbox, DBS will be acquiring a 3×3 plot of LAND, which is the unit of virtual real estate in The Sandbox metaverse. Interactive virtual elements like buildings, plants, and animals will be added to make it a completely immersive experience for visitors.
Sustainability-Focused Initiative
Furthermore, the banking institution is staying true to the theme of sustainability for its virtual world by purchasing additional carbon offsets to ensure the carbon neutrality of the entire BetterWorld project. As per initial reports, the BetterWorld project will be available in 2023 once The Sandbox launches its metaverse in its entirety.
Speaking on the matter, DBS CEO Piyush Gupta commented,
“In the coming decade, driven by new technologies such as artificial intelligence and blockchain, these shifts have the potential to be even more profound. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities. Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies.”
BetterWorld Project
The BetterWorld project will also serve as a platform for the bank to highlight crucial issues in environmental, social, or governance (ESG)-related matters, including championing noteworthy individuals or communities and their work in these fields. The virtual platform will also shine the spotlight on several social entrepreneurs in Asia and their innovative business models that have brough about positive change. The bank will work with the government, community, business, and technology sectors to enhance the BetterWorld experience. Finally, the BetterWorld project will also adapt the bank’s LiveBetter platform, which promotes eco-conscious living through tips on sustainability, financial donation channels, and investment opportunities in sustainability-focused projects and funds.
The Sandbox Metaverse
The Sandbox chief operating officer and co-founder Sebastien Borget has shared his perspective on the partnership, saying,
“ESG issues are important to us, and we look forward to collaborating on an experience that invites our audience to make a positive global impact, to discover the creative possibilities of our platform, and maybe to find their next life-changing opportunity in the metaverse.”
The Sandbox has been on a partnership-roll. The virtual world platform has signed contracts with many major financial institutions to adapt their offerings in the metaverse. In April 2022, Standard Chartered bank partnered with The Sandbox to create its first metaverse experience. Other virtual platforms have also been tying up with financial institutions for exciting metaverse projects. E.g., JPMorgan opened a virtual lounge in the Decentraland virtual world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
