Union Bank in Metaverse
The Philippines’ digital transformation is still going strong thanks to bold innovators like UnionBank. Soon, a branch of this banking institution will open in the metaverse.
The novel expansion intends to strengthen the Web 3.0 community in the Philippines. It will soon change your life, thus you need to stay on top of current trends.
You will better grasp the recent UnionBank metaverse initiative thanks to this post, fortunately. It will discuss other businesses with related developments and define key phrases.
What is the operation of the Unionbank metaverse project?
The term “metaverse” was first used by author Neal Stephenson in his book Snow Crash. It alludes to a virtual environment that has merged with the physical world.
People were able to collaborate in ways that were not possible in real life. These days, bitcoin networks are laying the groundwork for the realization of this idea.
Additionally, they are enhancing a number of facets of daily life, including banking. One of the financial firms that have accepted this transition is UnionBank.
It even bills itself as the Philippines’ “most crypto-friendly bank.” More importantly, it will shortly introduce The Sandbox, a metaverse platform.
The latter is a cryptocurrency network with a digital real estate platform. Land parcels might be acquired by using SAND tokens as payment.
The NFT Lead of the bank’s Center of Excellence, Miguel Planas, gave an explanation of the UnionBank metaverse project:
“We joined The Sandbox so that we could communicate and participate in the expanding Filipino community in the NFT and metaverse realm.
“Metaverse services might include everything from cryptocurrency exchanges to the development of NFTs, organizing events, and reaching out to new customers.”
Additionally, Cathy Casas, Head of Blockchain at UnionBank, remarked that there are several potentials for Filipinos to interact with a worldwide community in the metaverse. Another method of “Tech-ing” up the Philippines is this.
The Metaverse: Is it real?
The number of people and businesses investing in The Sandbox will surprise you. For instance, Snoop Dogg, a well-known rapper, owns residences there.
The well-known NFT art collection CryptoKitties and the Japanese video game developer Atari are also present. Additionally, there are others besides the UnionBank metaverse project and The SandBox.
Roblox is where Nikeland was first introduced by Nike. It is an online store where users may purchase Nike clothing for their characters.
They consequently acquire new skills and a new appearance in-game. In the meanwhile, talking about Meta is essential to discussing the metaverse.
After CEO Mark Zuckerberg made the decision to venture into this digital realm, Facebook Inc. took on that name. It now produces goods and services for it.
For the metaverse, it is enhancing its Oculus VR headset, for instance. Additionally, it introduced Horizon Workrooms to facilitate remote collaboration among office workers
The UnionBank metaverse initiative will shortly begin. It would enable Filipinos to collaborate and take advantage of new employment and entrepreneurial opportunities.
Overall, the Philippines is going through reforms that could eventually make it a major hub for cryptocurrency. It’s challenging to keep up with the tremendous changes our nation is undergoing.
Thankfully, Inquirer Tech can assist you. By reading the most recent news and updates about gadgets, apps, and other topics, you may prepare for the digital revolution.