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DBS Bank Ventures into The SandBox Metaverse with an Eye on Food Waste

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  • Impactful Gaming: DBS Bank is set to introduce a ‘Betterworld’ game in The SandBox metaverse, spotlighting global food waste.
  • Real Change Through Virtual Worlds: Around 30% of the world’s produced food is wasted annually. DBS’s metaverse initiative aims to raise awareness and effect change.

Tackling Real-World Issues in Virtual Reality

DBS Bank has made waves in the blockchain community with the announcement of its DBS Betterworld game, slated for release in the burgeoning web3 platform, The SandBox metaverse. At its core, this initiative seeks to spotlight the pressing concern of global food wastage.

Karen Ngui, occupying pivotal roles as the Head of Group Strategic Marketing and Communications at DBS and a DBS Foundation Board Member, stated,

“The metaverse’s potential transcends mere entertainment. It can act as an enlightening platform, focusing on salient ESG (Environmental, Social, and Governance) issues, and celebrate innovations addressing these concerns. As the metaverse realm advances, DBS envisions a fusion of virtual actions culminating in tangible real-world outcomes.”

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The United Nations paints a grim picture, revealing that nearly a third of all food manufactured ends up being discarded or squandered. Recognizing this immense challenge, DBS embarked on a journey in 2020, which, by the culmination of 2021, resulted in a significant impact – a reduction, recycling, and redistribution of a staggering 2,000 tonnes of food.

Metaverse Missions: Addressing Food Waste Through Gamification

For this avant-garde metaverse venture, DBS cherry-picked five organizations from Hong Kong and Singapore, all beneficiaries of the DBS Foundation, and renowned for their substantial contribution towards mitigating food wastage. These entities champion diverse, innovative methods, from upcycling excess bread into craft beer, to marketing near-expiry foods to economically disadvantaged demographics, and even pioneering urban agricultural endeavors.

These real-world heroes are immortalized as gamified challenges within The SandBox universe. Awaiting the inauguration of The Sandbox’s Alpha Season 4, this game promises not just immersive experiences but an eye-opening journey into the world of sustainable practices.

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DBS’s foray into the metaverse isn’t an isolated instance. Various banks have marked their territory in these virtual landscapes, yet DBS’s approach undeniably stands out in its creativity. Interestingly, a geographical pattern has emerged, with Asian-centric financial institutions predominantly opting for The SandBox, such as HSBC, SCB 10X, and Standard Chartered. In contrast, their Western counterparts have shown a preference for Decentraland, with entities like JP Morgan and Mastercard setting up shop. Adding to the mix, Japan has introduced its unique virtual ecosystem, the Japan Metaverse Economic Zone (JMEZ).

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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