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.
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.
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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