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DBS Singapore’s Biggest Bank Set To Acquire LAND In The Sandbox Metaverse

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The Sandbox is an Ethereum-based video game company that lets players own a piece of the virtual world in the form of a non-fungible token (NFT). These virtual properties can be monetized, used to develop custom games and locations. It’s similar to Decentraland, albeit with more of a pronounced video game-like look and feel to it.

The Sandbox has spent the last couple of years gradually amassing an ever-growing list of partners in the likes of franchises, brands, and celebrities.
Some of these include Snoop Dogg, Adidas, The Walking Dead, and game publisher Ubisoft. Other partners that are building within the space include: The Smurfs, Atari, Paris Hilton, Warner Music Group, World of Women, Deadmau5, Gucci, South China Morning Post (SCMP), game maker Square Enix, metal band Avenged Sevenfold, Care Bears, and TV series Hell’s Kitchen.

DBS To Acquire A LAND In The Sandbox
LAND in the Sandbox are parcels of virtual terrain, represented by Ethereum NFT and can be freely traded and resold on marketplaces (like OpenSea). LAND are different sizes including Estates, which can house much larger locales and experiences.

Singapore’s biggest bank DBS announced a partnership with Sandbox on Friday. The partnership is such that DBS will create a metaverse experience and buy land in The Sandbox.

DBS will buy a 3×3 plot of LAND to develop “BetterWorld,” an interactive metaverse experience showcasing the importance of building a better, more sustainable world.

“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 [environmental, social and governance] issues and to shine a spotlight on communities and partners doing good work to address them,” said DBS CEO Piyush Gupta.

DBS’s metaverse move marks its latest in the web3 space. Last year, the bank’s brokerage arm, DBS Vickers, received a crypto license from the Monetary Authority of Singapore, allowing its institutional clients access to its DBS Digital Exchange by invitation. DBS also offers a crypto custody solution.

DBS is the first Singapore company to partner with The Sandbox and the first local bank to make an entrance into the metaverse. The bank said it will also purchase carbon offsets to make its metaverse move carbon neutral.

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