Singapore's leading financial institution DBS has partnered with "The Sandbox" to expand its banking experience into the virtual world. A report from The Straits Times tells us that this collaboration is geared toward creating a metaverse platform that "will allow users to experience building a better, more sustainable world."
This virtual world will be called "DBS BetterWorld," and it is set to be available to everyone for free. The Singaporean bank is the latest company to explore its potential with the metaverse and Web3. DBS Bank is the first bank in Singapore to venture into the metaverse.
Meanwhile, "The Sandbox" is one of the biggest free-to-play and play-to-earn blockchain-based games in the market. It functions like a fellow sandbox game, "Roblox," but features a more decentralized and community-driven game environment.
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Furthermore, the virtual world platform is in active development and is another game built on the Ethereum blockchain. "The Sandbox" is a UGC blockchain game that is a market leader in digital real estate. A Tech Times report from January tells us that "The Sandbox" is a dominant player in the "virtual real estate games industry" with over $100 million in investment.
DBS Enters The Sandbox Metaverse
DBS revealed in a news release that it intends to acquire a 3x3 plot of LAND in the virtual game and that the financial institution plans to develop this virtual property with immersive features.
LAND is a type of digital real estate in The Sandbox's metaverse. On the Ethereum blockchain game, each LAND is valued as a distinct and non-fungible ERC-721 token. Metagamehub tells us that the game determines the worth of each plot of LAND based on several parameters, such as location, visitor traffic, and AI algorithms.
The primary goal of LANDs is to let game designers and developers create interesting experiences on them that can be played and monetized by users, as explained by the game's guide and mechanics. Other utilities, such as renting out LANDs and stake on LANDs, are also accessible within the game.
Simply put, LAND situated near properties owned by prominent personalities and organizations is likely to be valued higher because of the potential for better Internet traffic. According to Beyond Games, the most expensive land sale in the metaverse is Republic Realm's acquisition of around $4.3 million worth of LAND on "The Sandbox" from Atari SA.
More About the DBS LAND Purchase
According to DBS CEO Piyush Gupta, "Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities." The DBS exec also emphasized that the biggest changes in banking came to fruition because of digital advancements.
DBS will also look into ways to integrate DBS BetterWorld with LiveBetter, a one-stop digital platform that the bank launched in 2021 to encourage more customers to be more environmentally responsible in modern times.
The bank intends for "The Sandbox" DBS BetterWorld to be an additional engagement platform for customer experience. DBS eyes to advance its key services and agenda by providing a platform for visitors to learn more about the Singapore financial institution in the metaverse.
