HSBC Makes Its Foray into the Metaverse in Partnership with The Sandbox

British banking giant HSBC has announced a new partnership with The Sandbox to connect with sports and gaming enthusiasts.
Image source: The Sandbox

Quick take:

  • HSBC has acquired a plot of land on The Sandbox.
  • The plot of land will be developed to engage with sports, esports and gaming enthusiasts.
  • Details of the collaboration will be announced in due time.

British multinational banking and financial services organisation, HSBC, has announced today a partnership with metaverse platform, The Sandbox. 

The partnership sees HSBC acquiring a plot of land on The Sandbox, which will be developed to connect with virtual communities of sports, esports and gaming enthusiasts. 

While details of the partnership and development of the virtual real estate have not been revealed, HSBC states that its agreement with The Sandbox “will open the door for other global institutions to continue innovating in Web3 as consumer adoption demands more robust experiences in the metaverse through decentralized and gamified offerings.”

According to a PwC report, the global metaverse market is expected to hit $1.5 trillion in 2030. 

“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,” said Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC.

A subsidiary of Hong Kong-based blockchain game software and venture capital firm Animoca Brands, The Sandbox has been onboarding big brands, corporations and celebrities to the metaverse over the past few months.

HSBC joins over 200 existing partnerships including Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Steve Aoki, World of Women, CryptoKitties and many more in building their presence in the metaverse and creating experiences for their communities and fans on The Sandbox.

“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,” said Sebastien Borget, COO and Co-founder of The Sandbox.

Details of HSBC’s collaboration in The Sandbox will be announced in due time. 

The metaverse is seeing more financial services providers enter the space. JP Morgan opened its virtual lounge named Onyx on Decentraland in February while American Express filed seven new trademark applications for the metaverse on Wednesday.

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