DBS Bank, one of the largest banking companies in Southeast Asia, is frequently on the agenda with its recent studies and statements. This time it has announced that it has partnered with The Sandbox, a blockchain-based metaverse gaming platform, to offer new metaverse-based services.
The Sandbox recently added the automotive giant to the metaverse by collaborating with Renault. Finally, metaverse news came from Asia-based DBS. The company announced that it has purchased land in The Sandbox. The company announced in a statement that they are the first Singaporean company to collaborate with The Sandbox.
The content published by Singapore-based banking giant DBS included information on the details of the agreement. According to the published details, the partnership with The Sandbox aims to create new services for DBS customers in the virtual world. The bank will purchase a 3×3 plot on The Sandbox to build a metaverse property called DBS BetterWorld.
With this breakthrough, DBS became the first bank in Singapore to enter the metaverse universe. DBS recently announced that it will diversify its crypto money services and increase the customer portfolio interested in these investments by 300 times. Speaking on the subject, DBS CEO Piyush Gupta said:
“The biggest innovations in finance over the past decade have been catalyzed by digital developments. In the next decade, these changes, driven by new technologies like artificial intelligence and blockchain, have the potential to have an even deeper impact. While Metaverse technology is still evolving, it could change the way banks interact with their customers. "
China restricts unauthorized use of digital artifacts as NFT
China is poised to take action against increasing online piracy, including the unauthorized use of others' digital work to create NFTs. To combat this, Chinese authorities have launched a new initiative to encourage surveillance. China's National Copyright Administration will launch an initiative called "Jianwang 2022" along with four other officials in an official press release on Friday. Overall, the initiative will include a review of existing copyright laws to assess developments regarding online piracy. According to the announcement, this review will specifically examine four areas of increased violations in China. One of these areas includes NFTs.