Asian Bank DBS is partnering with The Sandbox to launch DBS BetterWorld, a virtual world for showcasing ESG (Environmental, Social, and Governance) ideas and initiatives.
The bank is planning on buying a 3×3 plot within the Sandbox to build its DBS BetterWorld project. Bankers will use the new experience to show the importance of creating a more sustainable world for visitors to the Sandbox.
DBS will use the platform to bring awareness to Asian entrepreneurs who have been making an impact with their sustainable and innovative business models. All the land and production on DBS BetterWorld will be carbon neutral as well.
Piyush Gupta, the CEO of DBS, said the biggest changes in the world of finance have been catalyzed by digital advancements and new technologies such as artificial intelligence and blockchain.
Mr Gupta added:
“Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies.
“Our partnership with The Sandbox and Animoca Brands marks the start of an exciting collaboration as we push the boundaries of what is possible in the metaverse.
“We also look forward to harnessing it as an additional innovative platform to spread the word on important ESG issues and to shine a spotlight on communities and partners doing good work to address them.
What is DBS BetterWorld?
DBS released a video teasing what DBS BetterWorld will look like. From reindeer walking on lush green expanses, to tulip fields and air balloons in the sky, the new DBS BetterWorld truly looks sustainable.
Here is the 24-second clip in full if you’re interested in having a look at this brand new metaverse experience in The Sandbox.
DBS BetterWorld exemplifies the bank’s three sustainability pillars. These sustainability pillars include responsible banking, responsible business practices, and impact beyond banking.
DBS Better World will be a specialized engagement platform helping the prominent Asian Bank advance its three sustainability pillars. And Sandbox visitors will be able to learn about ESG issues by using this brand-new resource.
Some of DBS Better World’s features will include profiling social entrepreneurs in Asia who have helped make a positive impact through their innovative business models.
And DBS will also collaborate with various partners within governmental organizations, the community, Susta business, and technology sectors. It will work with its new partners to create meaningful concepts in the sphere of sustainability.
Further, DBS will look into promoting DBS BetterWorld on LiveBetter. Live Better is the bank’s new digital platform that is designed to encourage more sustainable living across its customer base.
The platform provides various tools to help people live more sustainably. These include investment options in sustainable funds, options to donate to sustainable causes, and other eco-friendly tips.
But that’s not all – DBS is also planning on carbon offsetting all the land and production on DBS BetterWorld to ensure that the whole process is carbon neutral. This new partnership paves the way for sustainability within the blockchain.
What is The Sandbox saying about the new experience?
The Sandbox has welcomed DBS BetterWorld with open arms. Leaders of the Sandbox have described the new partnership as a bold way to stand behind important ESG issues. Animoca Brands, Sandbox’s parent company, is also backing the project.
And the Sandbox team teased a new project too. The SingaporeVerse will be a new Sandbox neighborhood that will celebrate Singaporean culture.
Sebastien Borget, COO and Co-Founder of The Sandbox, added: “We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighborhood on our virtual map that will bring the culture of Singapore to life in the metaverse in a very engaging, equitable, inclusive way that is open to all.
“ESG issues are important to us. We look forward to collaborating on an experience that invites our audience to make a positive global impact.”
And Animoca Brands, the company behind the Sandbox and other P2E games is excited about the new partnership too.
Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, said: “DBS Bank has long been recognized as one of the most innovative banks across the world for its digital banking initiatives and the use of emerging technologies.
“We are thrilled to co-create the future of an open metaverse with DBS Bank through this collaboration with our subsidiary The Sandbox.” Also, DBS is the first Singapore-based company to form a partnership with The Sandbox.
Why is this new partnership so key?
This new partnership is paving the way for sustainability in the world of Web3. The media has criticized blockchain technology for its significant energy use in the past. Bitcoin‘s proof-of-work cryptocurrency model uses a large amount of energy, more than is used by some countries.
There has been a lot of negative press about this issue. This is despite the fact that not all blockchain technology uses this type of model.
But a Singaporean ESG bank that’s all about sustainability joining the metaverse is huge! It shows the mainstream world that blockchain technology can be sustainable too. And that’s why the new Sandbox and DBS partnership is so key.