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Companies from all across the world have recently begun to show interest in the metaverse.
The phrase first appears in a science fiction book from the 1990s, where it refers to a three-dimensional virtual reality that replicates the physical world. Theoretically, it's a place where individuals can enjoy a different lifestyle surrounded by modern comforts.
Right now, our metaverses aren't entirely livable. But there have been a number of advancements in this direction. We are constantly discovering more about the online counterparts to real-world activities, from businesses setting up metaverse stores to musicians staging virtual performances.
UOB introduced SkyArtverse, a digital gallery created in Decentraland, last November. Decentraland, which debuted in 2020, is one of the most well-known metaverses right now. It provides real estate parcels that may be purchased with cryptocurrencies and then utilised to create virtual settings.
Decentraland was chosen as UOB's entry point into this market because it has one of the largest user populations among metaverses, which is in line with our goal to increase audience engagement through a unique virtual experience.
- Lilian Chong, Head of Group Brand and CSR, UOB DBS became the first Singaporean bank to enter the metaverse two months before to UOB's action, doing so in collaboration with The Sandbox, a close Decentraland rival.
This group of financial institutions with Singaporean metaverse plans also includes UBS and AXA. It would seem that this new technology has promise for the industry as a whole.
investigating SkyArtverse
The winning pieces from UOB's Painting of the Year competition are displayed on SkyArtverse. Viewers can use their own creative avatars to enter the gallery, where they can then view the artwork and discover more about the artists' biographies and sources of inspiration.
Lilian Chong, Head of Group Brand and Corporate Social Responsibility at UOB, notes that for more than 40 years, the bank has consistently supported Southeast Asian art and artists. The metaverse provided the banking organisation with a mechanism to increase engagement with both artists and audiences.
skyartverse uob
The winning pieces from UOB's Painting of the Year competition are displayed on SkyArtverse.
UOB became the first bank in Asia to investigate this nexus between art and technology with the introduction of SkyArtverse.
Eight out of ten respondents in a study conducted by the company in 2022 agreed that appreciating art improved one's quality of life. A comparable percentage affirmed that art has the power to unite individuals from all backgrounds.
Chong explains that "the metaverse's reach beyond physical bounds allows us to bring together an international community of art lovers." UOB used this technology to highlight the advantages that many people attribute to art. It was a means of enhancing accessibility and enabling Southeast Asian art to be seen by people all around the world.
The experiment appears to have been successful thus far. With users spending an average of 15 minutes per visit in the virtual art theme park examining the winning artworks, Chong says they are encouraged by the public's response to the platform.
Does decentralisation represent the future?
The requirement for decentralisation has been a major topic of discussion in relation to metaverse technology. While organisations like Meta and Microsoft have been arguing in favour of centralised metaverses, Decentraland and The Sandbox have been leading the opposition.
It will be interesting to watch if both sides can get along as the next edition of the internet takes shape.
"Centralized and decentralised metaverses each have advantages and disadvantages. We will keep looking into both kinds of platforms and evaluating how well suited they are for pertinent projects, says Chong. When making such judgements, she lists governance and data privacy as significant considerations.
Horizon Worlds by Meta
A centralised metaverse is demonstrated by Meta's Horizon Worlds. Meta
User data is gathered via centralised platforms for many different reasons.
Social media apps, for instance, can suggest more pertinent information as they get to know the person better. This enhances convenience and might make the whole experience better. On the other hand, the information could also be abused or illegally sold to third parties.
An alternative is provided by decentralised platforms, where users can access such programmes without disclosing any personal information. This ensures privacy but eliminates the customised experience.
Decentralized metaverses now appear to have an advantage over their equivalents. The metaverse of Meta's Horizon World has been a significant contributor to the company's financial difficulties, and the platform last year fell short of its goal for monthly active users.
Microsoft has been scaling back its VR initiatives in the midst of a significant wave of tech layoffs.
The metaverse and cryptocurrency
Blockchain technology and the metaverse are frequently observed working together because their inception coincided.
For instance, The Sandbox and Decentraland both support their in-world economies with their own crypto coins. Users are only recognised by the addresses of their crypto wallets, which can be used to log onto the platforms.
These services are assisting in removing cryptocurrency's reputation as a speculative investment. Chong acknowledges the asset class's inherent risks and the need of investors having a complete grasp of them.
Despite this, she adds, "we still believe that the underlying blockchain technology has a lot of potential."
By investigating tools such as asset tokenization, central bank digital currencies (CBDCs), and the metaverse, UOB is leveraging the rising interest in digital assets.
We think that the metaverse and blockchain technology are here to stay, and UOB will keep using them to provide consumers with appropriate financial services in a safe and secure way.
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