Crypto bank Sygnum to open metaverse hub on Decentraland platform

Swiss crypto bank Sygnum announced it will open a metaverse hub on Decentraland, a virtual browser-based platform, on Thursday.

The metaverse hub hosted on Decentraland will take place in the virtual equivalent of New York's Time Square. Decentraland is one of the largest emtaverse platforms in the crypto space, with Samsung, Adidas and Dolce & Gabana all featured on the platform.

Sygnum's decision to launch the hub is part of its ambition to stake a claim in the emerging $5tn metaverse economy.

"Our new metaverse hub is the natural place to showcase Sygnum's Web3 innovations," said in a statement Martin Burgherr, Sygnum's chief clients officer.

A metaverse is an interactive 3D world built on blockchain technology, which allows users to engage with one another through games, work, earn, shop and develop new skills.

Upon entrance, users will gain access to Sygnum's Crypto Garden where they can learn more about Sygnum's vision about the future of blockchain and finance.

According to the bank's statement, other area's of exploration for users include a SYGN lounge where a CryptoPunk receptionist will greet new users and an interactive NFT gallery displaying art collected by Sygnum.

Image 1: Sygnum's SYGN lounge

a room with a stage and a stage with a large red and white wall

Source: Sygnum

Launched in 2017, Sygnum has been active in the crypto-native Web3 community, having taken part in projects including the tokensiation of blue-chip NFT Cryptopunk #6808 and becoming the first bank to offer Ethereum 2.0 (The Merge) staking.

Sygnum's decision to enter the metaverse and NFT space comes daily sales of NFT's have declined alongside the dollar value of the sales made.

According to Non-Fungible.com's Q2 2022 industry report, the "interest has dropped" in NFT's with "geopolitical concerns" affecting the market.

In particular, the Ethereum ecosystem hosts the largest amount of NFT and metaverse projects. However, fund flows to Ethereum's token (ETH) have risen as investor's prepare for the Merge. These funds are being withdrawn from NFTs and the metaverse.

Despite the market drought, Sygnum's metaverse hub will launch on 27 September at 11:am CET.