DBS has announced a partnership with blockchain-based gaming platform, The Sandbox, acquiring a plot of virtual land within its metaverse.
DBS has established a partnership with Animoca Brands subsidiary The Sandbox, according to a statement, making it the first bank in Singapore to enter the metaverse market. The tie-up will include the creation of DBS BetterWorld – a sustainability-focused interactive metaverse experience – alongside the acquisition of a 3x3 plot of virtual land in The Sandbox by DBS.
«Over the last decade, the biggest changes in the world of finance have been catalyzed by digital advancements,» said DBS chief executive Piyush Gupta.
«Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities. Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies.»
Engagement Platform
DBS BetterWorld will act as an additional engagement platform for the bank to promote its sustainability agenda. For example, the platform will profile social entrepreneurs in Asia who have been driving positive impact through innovative business models.
DBS will also collaborate with entities in the government, community, business, and technology sectors to develop other concepts.
Founded in 2012, The Sandbox was originally a mobile game that was acquired by Animoca Brands in 2018 before the same name was used to launch a blockchain-based gaming platform in 2021. Since then, it has raised millions of dollars in funding and developed partnerships with renowned brands and individuals such as The Smurfs, Gucci and Snoop Dogg.
