The Philippines continues its digital transformation thanks to brave innovators like UnionBank. This financial institution will soon launch a branch in the metaverse.
The unique expansion aims to empower the Filipino Web 3.0 community. Soon, it will transform your life, so you must keep up with these trends.
Fortunately, this article will help you understand the recent UnionBank metaverse project. It will explain essential terms and discuss other companies with similar developments.
How does the Unionbank metaverse project work?
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Novelist Neal Stephenson first coined the term “metaverse” in his book Snow Crash. It refers to a digital space that has become a part of the real world.
It allowed people to work together in ways they could not do in real life. Nowadays, cryptocurrency networks are paving the way toward realizing this concept.
They are also improving various aspects of daily life, especially banking. UnionBank is one of the financial institutions that have embraced this change.
It even promotes itself as the “most crypto-friendly bank” in the Philippines. More importantly, it will soon launch a metaverse platform via The Sandbox.
The latter is a digital real estate platform on a crypto network. You could own plots of land by buying them with SAND tokens.
Migui Planas, NFT Lead at the bank’s Center of Excellence, explained the UnionBank metaverse project:
“We joined The Sandbox because we want to be able to interact and engage with the growing Filipino community in the NFT and metaverse space.
“Metaverse services could range from crypto transactions to the creation of NFTs, hosting events, and connecting with new clients.”
Also, UnionBank Head of Blockchain Cathy Casas said, “The metaverse can also create many opportunities for Filipinos to connect with a global community. This is another way of “Tech-ing” up Pilipinas.”
Is the Metaverse real?
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You would be surprised by the number of individuals and companies investing in The Sandbox. For example, the famous rapper Snoop Dogg holds properties inside.
You will also find the Japanese game company Atari and the well-known NFT art collection CryptoKitties. Also, there are others outside The SandBox and the UnionBank metaverse project.
Nike launched Nikeland on the video game Roblox. It is an online store that lets players equip their characters with Nike apparel.
As a result, they get a new in-game look and abilities. Meanwhile, we cannot discuss the metaverse without discussing Meta.
Facebook Inc. adopted that name after CEO Mark Zuckerberg decided to expand into this digital space. Nowadays, it creates products and services for it.
For example, it is improving its Oculus VR headset for the metaverse. Moreover, it launched Horizon Workrooms to help office workers collaborate remotely via virtual reality.
Conclusion
The UnionBank metaverse project will launch soon. It would allow Filipinos to work together and access new career and business opportunities.
Overall, the Philippines is undergoing reforms that may soon turn it into a global crypto hub. Our country is going through rapid changes that are hard to follow.
Fortunately, Inquirer Tech can help you. Adapt to the digital revolution by reading its latest news and updates about gadgets, apps, and more.