Singapore’s Xctuality Announces First Local Metaverse Platform, Xctualyfe

The growth of homegrown Metaverse projects among countries is paving the way for the expansion of the virtual ecosystem. With the recent launch of Xctualyfe, Singapore has joined the league of nations with its own homegrown Metaverse space.

Xctualyfe is Live in Singapore

According to the developer, Xctuality, the Metaverse project is a borderless virtual world where users can link with others around the globe. In addition, Xctualyfe is a specially designed and well-structured virtual ecosystem to give visitors an exciting adventure in the metaverse environment.

The development of Xctualyfe took more than two years, and during this stage, the developers put their creativity to work by displaying their artistic values.

Moreover, at the beginning of the year, Xctuality also depicted the Kampong Glam in Xctualyfe’s design, allowing users to tour virtual reality devices.

After the Kampong Glam experiment, other projects followed suit as Xctuality released notable virtual experience initiatives. The platform also developed a complete virtual environment to commemorate the Singapore National Day Parade (NDP). 

Visitors can register and visit other virtual landscapes, including the NDP event in Xctualyfe, to interact with others and earn rewards.

Meanwhile, users on Xctualyfe can accommodate up to 20 people in their Metaverse homes (Lyfspace) to mingle and catch some fun.

However, Xctualyfe is not yet a finished project, as the developers intend to integrate other gamified features and activities. The metaverse platform combines innovations and immersive technology to link virtual communities worldwide.

Leading Asia to the Metaverse

Singapore hosted Asia’s first-ever metaverse-based blockchain and Web3 summit in July 2022. Many of Asia’s promising blockchain, Metaverse, and Web3 platforms graced the occasion. 

The conference aims to open up the region’s potential in the digital economy as international investors continue to move to new markets. More importantly, the forum was situated at a place that showcases Singapore’s futuristic dreams, the iconic Zouk building.

Singapore seeks to spearhead Asia’s movement to the digital environment, and the conference illustrates the country’s readiness to become Southeast Asia’s tech hub.

Therefore, Singapore aims to support the true definition of Web3, Metaverse, NFT, and blockchain technology.

In another development, Singapore’s leading financial institution, DBD Bank, also pushed its banking operations to the Metaverse last month in collaboration with The Sandbox. 

With the partnership, the banking giant will replicate its operations in the virtual ecosystem in the “DBS BetterWorld.” Moreover, the metaverse experience presents another opportunity for customers to engage with The Sandbox Platform.

DBS Plans Crypto Services to Customers

The banking giant is considering implementing crypto services to interested customers following its license from the regulator. In 2021, the Monetary Authority of Singapore (MAS) approved the bank’s request to offer crypto services to some clients. 

The bank added that it has over 300,000 accredited investors eligible to participate in its maiden issuance of cryptocurrency services. Furthermore, the bank also reiterated that it is working on ensuring compliance with regulatory guidelines to protect investors from the volatile market.

Singapore has a large crypto market and a modest adoption rate. However, experts believe investors’ appetite for crypto assets is critical to mass adoption.

The country has well-rounded crypto regulatory guidelines, which often change due to the prevailing market conditions. In addition, the government is open to reforming its laws to keep up with the frequent direction of market movement. For example, the recent crash of the Terra LUNA ecosystem has spurred various regulatory agencies into action.