HSBC to Acquire Virtual LAND in The Sandbox Metaverse

UTC by Oluwapelumi Adejumo · 3 min read
HSBC to Acquire Virtual LAND in The Sandbox Metaverse
Photo: Shutterstock

With this migration to the metaverse, HSBC becomes the first international bank to join The Sandbox.

International banking and financial services provider HSBC has joined hands with the Sandbox on a collaboration set to transform engagement in the gaming metaverse. This partnership opens the stage for digital communities and international financial services providers to engage, according to a press release from The Sandbox.

According to the press statement, HSBC will be a new LAND owner in the Metaverse, owning virtual real estate that would be developed for engagement and connection with their users. With this step, HSBC follows the fellow international bank JPMorgan to pivot into the metaverse.

Speaking on this development, HSBC Chief Marketing Officer Suresh Balaji said that the bank sees enormous potential in creating new experiences by leveraging emerging platforms. He continued that the agreement with Sandbox positions HSBC to be able to design innovative brand experiences for existing as well as new customers.

On the other hand, Sebastien Borget, the 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 broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”

With this migration to the metaverse, HSBC becomes the first international bank to join The Sandbox metaverse. The bank holds approximately $3 trillion worth of assets.

While there are still loads of grey areas around the Bank Metaverse land purchase, its announcement had a promotional GIF showcasing the HSBC stadium alongside a virtual water pool.

Interest in Metaverse Spikes among International Brands

HSBC is not the only global brand entering the Metaverse. Other notable international brands like Gucci, Warner Music Group, The Walking Dead, and Adidas, among others, have made an entrance into the space already.

In fact, legendary American rapper Snoop Dogg is also a proud LAND owner in the metaverse.

Available information has revealed that the space is expected to rise to around $1.5 trillion by 2030, going by the current rate of its adoption. This means that the current level of opportunity and openings in the space would rise to new heights as the year progresses.

Thus, the current spate of organizations entering the space helps to set the groundwork for more of them to continue to interact with the Web3 innovation.

Invariably, institutional demand for the space is expected to rise to new highs as more retail investors get interested.

News, Technology News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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