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Cryptogambling / ‘Force for good’: DBS Bank unveils metaverse experience BetterWorld

‘Force for good’: DBS Bank unveils metaverse experience BetterWorld

Publish Date: 25/08/2023
Video: DBS BetterWorld: Trailer | Leveraging the metaverse as a force for good

DBS BetterWorld: Trailer | Leveraging the metaverse as a force for good

Singapore-based DBS Bank has unveiled its new metaverse experience named DBS BetterWorld, aimed to showcase the technology’s potential as a “force for good.”

“DBS believes… the metaverse… can be harnessed… to increase awareness of important environmental, social, and governance issues and spotlight those who are finding innovative ways to address them,” said Karen Ngui, managing director and head of Group Strategic Marketing and Communications of DBS Bank.

Available on the metaverse gaming platform Sandbox, the game will initially highlight the global food waste issue and what DBS Foundation-backed Businesses for Impact do to address this challenge.

BetterWorld is a 20 to 25-minute game in which players must complete activities and tasks to get rewards. Players can explore the game’s magical realm and look for the Tree of Life, among other things. They can cooperate with five Quartermasters to improve the metaverse as a living place.

The bank developed the metaverse with the ability to connect with PayLah, its signature digital wallet. Players can redeem their in-game rewards via the mobile app. To redeem in-game rewards, players can scan a QR code in PayLah.

According to Ngui, players can use the game’s virtual tokens to bring about real-world actions, such as planting more trees in real life.

DBS Bank’s motivation to eradicate food waste problems through BetterWorld came from its initiatives in the past few years regarding social issues. In 2020, DBS Bank started the Zero Food Waste (ZFW) program as a part of the global endeavor to address the exacerbation of food waste issues.

Project announced last year

DBS Bank already announced its partnership with the Sandbox for BetterWorld in September last year. The bank bought a 3×3 LAND — the virtual real estate unit — on Sandbox to realize the BetterWorld project.

With the project, DBS Bank made itself the first Singaporean company to ever cooperate with The Sandbox and the first Singaporean bank to actively participate in developing the metaverse. By doing so, DBS Bank wishes to examine the unrevealed potential of Web3 for its customers and the broader society.

DBS CEO Piyush Gupta said digital developments had become the main catalysts for drastic financial sector changes, such as artificial intelligence and blockchain development. Despite its nascence, Metaverse showcases the potential to change how people interact with banks.

Other officials of DBS also echoed the same excitement, citing DBS Bank’s capability for technological innovations and endless desire to use emerging technologies to improve business.

Apart from The Sandbox, DBS looks forward to cooperating with partners and colleagues from all sectors, including the business, community, and technological sectors, to improve the experience of playing BetterWorld.

When BetterWorld was being developed, metaverse experienced a significant decline, with analysts pointing out the lack of interest from the public. Decentraland, one of the largest metaverse platforms, reported a small number of daily users.

Some analysts argue that the lack of refinement to differentiate the metaverse from the previous virtual world experiences such as VRChat eventually stripped away much interest from users and potential investors.

Furthermore, macroeconomic pressures have led to the decline in blockchain and crypto. Global economies are dealing with soaring inflation and signs of slowing growth. In this environment, investors avoid risky assets like crypto coins and NFTs. It also leads to a lack of investment in new blockchain projects, including metaverse.

However, numerous businesses continue to show some interest in the metaverse technology. Sportswear giant Nike is known to be a frontrunner in metaverse adoption. The company launched an immersive gaming experience called Airphoria on Fortnite earlier this year.

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