Banking Giant HSBC Enters Metaverse, Buys Virtual Land In The Sandbox
Global banking giant HSBC is the latest big player to enter the metaverse – partners with The Sandbox.
An official blog post by The Sandbox announced that the British multinational investment bank is making a move to metaverse, by acquiring virtual land in The Sandbox. Their plan for the space is to entertain sports, e-sports, gaming and finance professionals.
Suresh Balaji, the chief marketing officer for the Asia-Pacific region at HSBC, said:
“The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality. At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve. Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible.”
Sebastien Borget, COO and Co-founder of The Sandbox, said:
“We’re pleased to see large, trusted institutions such as HSBC join The Sandbox open metaverse and embrace the culture of Web3, connecting with users through entertainment, gaming and user-generated content. We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”
The Sandbox is owned by Animoca Brands, a Hong Kong-based gaming company. Last year, the firm raised $93 million in a round led by SoftBank Vision Fund 2.
In the past, big corporations such as Gucci, Warner Music Group and Ubisoft have entered The Sandbox’s metaverse.
While the HSBBC may be the first global financial institution to buy land in The Sandbox, it’s not the first major bank to embrace blockchain-based virtual worlds. Last month, JPMorgan opened a virtual lounge in Decentraland, another popular Metaverse game built on the Ethereum blockchain.
