DBS Bank is joining other banks in participating in the metaverse. The Bank is creating a metaverse world allowing users to experience what it could be like if we all worked together to build a better, more sustainable world. The project goes by the moniker “DBS BetterWorld” the project is free and open to all users.
Singapore’s largest bank is partnering with The Sandbox which is one of the most popular metaverses out today.
The bank will acquire a 3×3 plot of land, which is the virtual real estate of the platform. The plot will be developed with immersive and educational elements. There will also be buildings, plants , and animals.
Along with the purchase of the Sandbox digital land the bank will also purchase and implement the use of carbon offsets so that the project is carbon neutral.
The project will possibly see a release next year during one of the newer seasons of the blockchain game. The Sandbox has released three seasons so far, each being a multi-week testing affair that allow account holders to experience new features. The biggest season was just launched a month ago.
The future of the internet is upon us as the metaverse has been hailed as the next evolution in web traversal where users are able to interact via avatars that are able to buy land or goods via digital currency.
DBS recognizes that the world has changed and finance has been catalyzed by digital advancements over the last decade. The potential for change brought on by blockchain and virtual reality technology is quite profound and many companies are jumping in to benefit from it.
Piyush Gupta chief executive of DBS stated
“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”
The DBS BetterWorld will be made as an additional platform used to create awareness for important issues touching on environmental, social , or governance concerns. (ESG) debuting platforms that are addressing the issues. DBS and the DBS Foundation have been integral in scaling the businesses of over 800 social enterprises across the Asian region. The bank plans to work with partners from the government, community, business, and technology sectors to make the BetterWorld experience the best it can be.
DBS is the first Singapore company and first Asian bank to collaborate with The Sandbox.