Key Takeaways:
- DBS Bank the largest lender in Southeast Asia has joined the metaverse.
- Merriam-Webster has added the term “Metaverse” to its dictionary.
- The total metaverse market cap has surpassed $7 billion.
LAGOS (CoinChapter.com) — The metaverse which has witnessed little exposure in the media recently after exploding into public awareness last year is back with a bang as more multinational corporations are joining the space.
DBS Bank the largest lender in Southeast Asia is the latest company to join the ever-increasing industry. The bank has announced a partnership with The Sandbox, a blockchain-based metaverse gaming platform, to build new services for clients in the virtual world.
The bank disclosed that the collaboration with The Sandbox would enable it to build “DBS Better World” in the metaverse. DBS pointed out that the integration with Sandbox is aimed at developing and exploring Web3 opportunities to benefit its clients.
As a result of this move, DBS Bank becomes the first bank in Singapore to enter the metaverse. Piyush Gupta, DBS CEO expressed his excitement about the partnership saying digital advancements are the correct way to go. He said:
“In the coming decade, driven by new technologies, such as artificial intelligence and blockchain, these shifts have the potential to be even more profound. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.”
In a similar development, American car manufacturer Ford Motor Company has also joined the Metaverse space. The car company also has also filed 19 virtual trademark applications across its major car brands.
According to the United States Patent and Trade Office (USPTO) licensed trademark attorney, Mike Kondoudis, the company filed the trademark this week. He revealed that the trademark covers its car brands including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.
Meanwhile, Ford is not the first car company to make a move into the Metaverse space. Car companies including Nissan, Toyota, and Hyundai have announced plans to expand into the rapidly growing digital space. While luxury car manufacturers such as Bentley and Lamborghini have already rolled out NFT collections.
Merriam-Webster Adds Metaverse To Dictionary
In another indication that the interest in the metaverse concept is skyrocketing, the United State’s oldest dictionary publisher Merriam-Webster has added the term “Metaverse” to its dictionary.
Merriam-Webster defined the metaverse as “a persistent virtual environment that allows access to and interoperability of multiple individual virtual realities.” This is as opposed to “meatspace,” which is defined as “the physical world and environment, especially as contrasted with the virtual world of cyberspace.”
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Additionally, the company also added the term“altcoin” and “metaverse” to the dictionary. It defined altcoins “as alternatives to established cryptocurrencies, especially to Bitcoin.” The dictionary’s stamp of approval currently indicates that the adoption of the crypto industry is extensively growing.
Metaverse Coins Market Cap Surpasses $7 Billion
Moreover, in a remarkable development, the total metaverse market cap has rallied significantly and currently stands at $7.02 billion, according to data from Coingecko.
Notably, metaverse tokens including The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Enjin (ENJ) has risen significantly in the last 7 days. Axie Infinity (AXS), the governance token of the eponymous blockchain-based game, is up 6.2% in the last 24 hours and currently trading at $14.85, per CoinMarketCap.
Meanwhile, SAND gained 6.8% on the day, and is currently changing hands at about $0.968. Decentraland’s MANA is also up 5.3% over the past day, currently trading hands at $0.807.
