DBS Group Holdings has announced a partnership with The Sandbox to create metaverse project “DBS BetterWorld”, becoming the first Singapore-based bank to enter the metaverse.
DBS to Build in the Virtual World
Asian banking giant DBS Group Holding in a statement on Friday, September 9th, announced its latest partnership with leading blockchain-based, metaverse gaming platform The Sandbox.
As part of the partnership, DBS will purchase a 3×3 LAND plots in The Sandbox. DBS hopes to build a metaverse experience that showcases the importance of building a better, more sustainable world, and inviting others to work alongside them in achieving that goal.
CEO of DBS Piyush Gupta emphasized that the metaverse can change the way banks interact with their customers and communities. Building the DBS BetterWorld in The Sandbox forms part of the bank’s goal of exploring Web 3.0 opportunities to benefit customers.
The Metaverse Is Becoming a Reality
The virtual world of the metaverse, which largely started off as just a game, is slowly creeping into every sector, with fashion brands, sports organizations, real estate, fitness, and other ventures now funnelling millions into the metaverse.
Animoca Brands, the parent company of The Sandbox recently raised $110 million through a convertible notes sale to institutional investors to build what they believe could become the next big thing—an open, interoperable metaverse.
On the Flipside
The official Discord server of The Sandbox was recently compromised, redirecting users to fake giveaway links, and encouraging users to rent Bored Ape NFTs.
Why You Should Care
The move from DBS Group Holdings could spur other companies in Asia and beyond to take advantage of the growing metaverse.
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