Singapore’s DBS Bank buys land at The Sandbox
BetterWorld will become a platform for disseminating information about the world’s current issues
09.09.2022 - 10:30
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What’s new? Singapore’s largest bank, DBS Bank, has entered into a partnership with The Sandbox metaverse. As part of the collaboration, DBS will create its own interactive virtual world called BetterWorld. It will be available for free to all users when The Sandbox fully launches its metaverse. Supposedly it will happen next year. According to DBS CEO Piyush Gupta, BetterWorld will provide an additional platform for the bank to disseminate information about important environmental, social, and governance issues and attract attention to communities and partners that are addressing them.
What else is known about the deal? DBS will buy a 3×3 plot of LAND in The Sandbox, which will be filled with immersive elements such as buildings, plants, and animals. In conjunction with the metaverse, the bank will also purchase carbon offsets so that the land and production on BetterWorld will be carbon-neutral.
The bank will use the platform to describe socially-oriented entrepreneurs in Asia using innovative business models. Since 2014, DBS and the DBS Foundation have helped more than 800 social enterprises in the region expand their businesses and awarded nearly $10 million in grants to nearly 100 social organizations.
Representatives of the bank also said that they will work with partners from the government, community, business, and technology sectors to develop concepts to improve the BetterWorld experience. In addition, they will be exploring ways to showcase BetterWorld through their LiveBetter platform, which was launched in October 2021 to encourage eco-conscious living among their customers.
DBS is the first Singapore-based company to partner with The Sandbox, and the first local bank to enter the metaverse.
In March, HSBC, one of the world’s largest international banking and financial services providers,bought a plot of land at The Sandbox.
Read on whether is it possible to make money on virtual lands in GetBlock Magazine’s article.
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