DBS and The Sandbox have collaborated to create a metaverse experience. Additionally, the bank will purchase a 33-acre piece in The Sandbox.
On Friday, the largest bank in Singapore, DBS announced a collaboration with The Sandbox, a decentralized gaming virtual world owned by Animoca Brands. DBS will develop a metaverse experience and purchase land in The Sandbox as part of the agreement.
To create “BetterWorld,” an interactive metaverse experience highlighting the significance of constructing a better, more sustainable world, DBS will purchase a 3×3 plot of LAND, a unit of virtual real estate in The Sandbox metaverse.
“Our relationship with The Sandbox and Animoca Brands signals the beginning of an exciting cooperation as we push the limits of what is possible in the metaverse,” said DBS CEO Piyush Gupta. We want to use it to raise awareness of ESG concerns and highlight the communities and organizations that are already working hard to find solutions.
DBS said that it is the first Singaporean corporation to cooperate with The Sandbox and the first Singaporean bank to enter the metaverse. The bank has said that it would acquire carbon offsets to make their metaverse transition carbon neutral.
The metaverse move by DBS is it’s most recent in the web3 arena. DBS Vickers, the bank’s brokerage arm, got a crypto license from the Monetary Authority of Singapore last year, providing its institutional customers invitation-only access to the DBS Digital Exchange. DBS also provides a cryptocurrency custody service.
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