September 15, 2022
By Sharan Kaur Phillora
DBS announced its partnership with Sandbox, a leading decentralized gaming virtual world and a subsidiary of Animoca Brands, to create DBS BetterWorld, an interactive metaverse experience showcasing the importance of building a better, more sustainable world and inviting others to come alongside.
Here’s what we know:
The partnership makes DBS the first Singapore Company to seal an alliance with The Sandbox and the first bank in Singapore to make a foray into the metaverse. This also marks a new milestone in DBS’ journey to continually explore the potential of Web 3.0 opportunities to benefit its customers and the broader community.
Under the partnership, DBS will acquire a 3×3 plot of LAND – a unit of virtual real estate in The Sandbox metaverse – which will be built with realistic objects, including structures, plants, and animals.
It will also buy carbon offsets so that the land and manufacturing on BetterWorld are carbon neutral, in addition to The Sandbox. When The Sandbox completely releases its metaverse, perhaps next year, BetterWorld will be accessible.
DBS added that it would introduce its LiveBetter initiative to the metaverse experience. Through LiveBetter, customers can access tools and resources to help them shift towards a more sustainable way of life.
The bank said that it would collaborate with partners in the public, private, nonprofit, and corporate sectors on ideas to improve the BetterWorld experience. Additionally, it will look for ways to use its LiveBetter platform, which was introduced in October to promote eco-aware living among its consumers, to exhibit BetterWorld.
DBS is the first local bank to enter the metaverse and the first Singaporean corporation to cooperate with The Sandbox.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.