By
staff writer
February 14th, 2024
Singaporean banking giant DBS Bank and virtual gaming platform The Sandbox are working on creating a metaverse virtual world.
DBS Bank is partnering with Ethereum-based decentralized virtual gaming platform, The Sandbox, to create a metaverse-driven initiative. Called DBS BetterWorld, this metaverse virtual world will allow users to build a better and more sustainable world. Furthermore, DBS Bank’s metaverse initiative will reportedly be accessible to members of the public, including non-DBS customers, for free.
Insight into DBS Bank Metaverse Scheme
Pursuant to the partnership between DBS Bank and The Sandbox, the prominent Singaporean bank will acquire a 3×3 plot of Land in The Sandbox metaverse. Furthermore, this unit of virtual real estate will then be developed and enhanced with immersive elements and props, which include buildings, animals, and plants. In addition to its Sandbox-aided agenda, DBS Bank will also procure carbon offsets – for practical reasons. This is so that the land and subsequent production on DBS BetterWorld will be carbon neutral.
Speaking on the upcoming metaverse initiative, DBS chief executive officer Piyush Gupta said:
“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.”
In addition, Gupta alluded to a combination of traditional finance and elements of digital and virtual advancements. According to him, this has reshaped and enhanced the finance world in the last ten years. The DBS CEO also stated that such advancements may go much further in the next decade. According to Gupta, “in the coming decade, driven by new technologies such as artificial intelligence and blockchain, these shifts have the potential to be even more profound.”
Gupta also stated that DBS Bank would use the BetterWorld platform as an additional avenue to achieve various other objectives. These include sharing important environmental, social, or governance (ESG) issues. In addition, Singapore’s largest bank also intends to use its upcoming metaverse initiative to bring exposure to the communities and partners addressing these objectives. DBS Bank plans to work from a wide range of sectors to enhance its BetterWorld experience. These sectors include governments, communities, businesses, as well as technology.
The Sandbox COO/Co-founder Comments
Commenting on the metaverse collaboration, The Sandbox chief operating officer and co-founder Sebastien Borget expressed optimism. According to him, DBS is joining his platform’s efforts to create the SingaporeVerse. Furthermore, Borget explained:
“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…”
The Sandbox COO also added that his platform’s audience will be privy to the creative possibilities of The Sandbox.
DBS BetterWorld metaverse will likely become available next year when The Sandbox fully launches its own metaverse. So far, the decentralized gaming platform has released three seasons, with last month’s latest one being the most monumental. These Sandbox testing events are essentially multi-week events that grant new features to Sandbox account holders.