DBS Launching Metaverse Game for Addressing Global Food Waste Concerns
The largest bank in Southeastern Asia by total assets, DBS, has leveraged the metaverse technology to launch an innovative game, DBS BetterWorld.The newly launched metaverse-focused platform centered on The Sandbox aims to address global food waste concerns. The financial institution confirmed that the DBS BetterWorld will go public before the end of 2023.
DBS to Address Food Waste
In a press release dated August 23, the DBS team stated that the gamified feature on the DBS BetterWorld will demonstrate how virtual experiences can be used to bring more positive outcomes. Besides entertaining the users, the DBS BetterWorld will educate the public on the “Impact of businesses” supported by the DBS foundation.
However the DBS’s latest development will focus more in addressing global food waste that diminishes the quality of life. A recent study by the United Nations to examine the level of global food waste illustrated that approximately 1.3 billion tonnes or one-third of the total food produced, go to waste yearly.
The report demonstrated that the food waste crisis has adversely affected the environment and limited economic growth. The negative impact of food waste challenged DBS to launch a “towards zero food waste” project in 2020. The program aimed at bringing the DBS key stakeholders together to improve food security.
DBS Champions for Food Security
In 2022, the DBS food security initiative managed to reduce the 2000 tonnes of food waste. Besides improving food security, the DBS team invested in acquiring land in The Sandbox to support the metaverse initiative. At that time the financial institution agreed to use The Sandbox plot to support the DBS BetterWorld attaining its end goals.
According to the press release, the financial institution announced that the official launch of DBS BetterWorld will be after the release of The Sandbox Alpha Season 4. It implies that the metaverse project will be available before December 2023.
Unlike the ordinally environmental social and corporate governance (ESG) projects, the DBS group will implement innovative strategies to address food waste concerns. The bank report illustrated that the DBS BetterWorld users will engage in multiple activities that align the five businesses supported by the DBS Foundation.
Since 2014, the DBS Foundation has been a game changer in businesses and banking sector. The foundation has supported the operations of businesses in the food sector, including Rooftop Republic, GreenPrice, Edible Garden City, Breer, and Brewerkz. The primary goal of the DBS Foundation is to change and uplift lives.
In an exclusive interview with the DBS head of strategic marketing and communication, Karen Ngui confirmed that the metaverse has massive potential to address ESG issues. The executive noted that the metaverse platform will support the DBS to sensitize the community on the impact of food waste.
Ngui announced that the DBS BetterWorld will focus more on tackling the food waste and resilience challenges. The executive admitted that the DBS has been campaigning for food security for years.
In his report, Ngui labeled metaverse as a mature technology. She stated that the DBS plans to provide the communities with a unique platform to implement virtual experiences in the real world.
The official mentioned that the DBS BetterWorld users from Singapore will be rewarded after completing specific tasks. The users will redeem their rewards through the DBS PayLah! 2. The metaverse platform will issue the players a unique QR code linked to the reward system.
In addition, the financial institution has incorporated easter eggs that the players will use to unlock cameo features.
Editorial credit: photo_gonzo / Shutterstock.com
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