DBS Bank Uses Metaverse to Boost Environmental Credentials

Singapore’s largest bank, DBS, has announced the launch of a metaverse game focusing on providing education about sustainability and food waste issues.

According to the Straits Times, the bank will launch BetterWorld, a metaverse game, on The Sandbox. With 20-25 minutes of playtime, the game will primarily focus on social challenges such as food waste.

DBS Will Release BetterWorld by Year-End

DBS BetterWorld will enable users to earn rewards in the virtual world that can be encashed through the bank’s application, PayLah.

DBS BetterWorld trailer on YouTube

According to the International Food Container Organization (IFCO), 1.3 billion tonnes of food is wasted globally. It comprises one-third of the total food production. DBS BetterWorld will plan its mission around activities to educate gamers about sustainability issues.

The head of group strategic marketing and communications at DBS, Karen Ngui, said:

“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.”

Metaverse Interest in Decline

DBS has been working on the idea for around a year. In 2022, it first purchased a plot of land in the Sandbox metaverse with immersive elements.

Click here to learn about the top 11 companies building in metaverse in 2023.

However, metaverse and non-fungible tokens (NFTs) are currently facing declining interest and floor price challenges. The screenshot below shows that the metaverse land price has continuously declined since early 2022.

The floor price of blue-chip NFT collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) is also down by more than 80% from its highs. And NFT platforms like Recur have announced a shutdown and asked users to withdraw their NFTs.

The entertainment giant Disney has also completely dismantled its metaverse-focused team.

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Singapore’s DBS Uses Metaverse to Highlight Food Waste Issues

In Brief

DBS Will Release BetterWorld by Year-End

Metaverse Interest in Decline

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