Banking Giant HSBC Buys Virtual Land in Sandbox 14

Banking Giant HSBC Buys Virtual Land in Sandbox

  • HSBC bank announced its new partnership with the Sandbox to explore the Metaverse domain.
  • The partnership will enable the bank to purchase a plot of LAND in the Sandbox metaverse. 
  • The partnership intends to establish connections with sports, esports, and gaming enthusiasts across the world.

British banking giant HSBC has entered into a strategic partnership with The Sandbox, enabling the bank to get involved in Metaverse-related activities. 

As per the official announcement, HSBC bank will be purchasing a plot of LAND in The Sandbox Metaverse which will be developed further to connect gaming and sports enthusiasts. 

HSBC Bank Explores The Metaverse

The official announcement issued by The Sandbox describes the said partnership as a “host of opportunities for virtual communities across the world to engage with global financial services providers and sports communities in The Sandbox metaverse.”

As part of the agreement, HSBC will be acquiring a plot of LAND, a virtual real estate in the Sandbox metaverse, which will be later developed to connect and form connections with gaming communities across the world. 

“The groundbreaking partnership between The Sandbox and HSBC will see the global financial services provider acquire a plot of LAND, virtual real estate in The Sandbox metaverse, which will be developed to engage and connect with sports, esports, and gaming enthusiasts.” The press release further adds

The concept of the Metaverse and Web 3.0 is steadily gaining momentum as several tech giants are actively exploring the area to broaden their firm’s service portfolio. Recently Microsoft’s investment in MetaMask’s Consensys has been accredited by many as a move that directs the firm to explore the emerging Web3 technology. Similarly, Meta, formerly Facebook, was recently rebranded by its CEO Mark Zuckerberg to spearhead the Metaverse related activities. Moreover, the global metaverse market is estimated to grow from $45.4bn in 2019 to a staggering $1.5tn in 2030, adding more fuel to the concept that exhibits great potential in the long run. 

Speaking about HSBC’s partnership with the Sandbox, Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC stated:

“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…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.”

Furthermore, Sebastian Borget, COO and Co-Founder of The Sandbox also reiterated similar sentiments stating that they are pleased to have HSBC on board with their vision ” to embrace the culture of Web3, connecting with users through entertainment, gaming, and user-generated content.”

The Sandbox has solidified itself as one of the leading Metaverse entities by establishing business relations with famous industry experts and organizations including Gucci, Warner Music, Ubisoft, Adidas, Deadmau5, Atari, and CryptoKitties. The brand recently made headlines when it announced its partnership with South Korea’s entertainment company Cube to introduce kpop content in the Sandbox Metaverse.