HSBC bank has followed in the footsteps of JP Morgan and entered the blockchain metaverse with the purchase of a virtual plot of land in The Sandbox.
The institutional entrance to the metaverse blockchain has exploded in recent months. The latest to join the virtual world being built on the blockchain is HSBC, the multinational banking and financial services company based in London, UK.
HSBC wants to take its sports engagement to the next level by using the digital innovation offered by the Metaverse to bring sports fans to live new experiences. Although the prestigious British bank has not given more details about what it will develop in The Sandbox, it said that its partnership with this Metaverse will open new opportunities for virtual communities around the world to interact with global financial service providers and sports communities in the virtual world. In its new land in The Sandbox, HSBC plans to develop digital spaces that allow sports, esports and gaming enthusiasts to interact and connect with each other, it reported.
The news caused the price of SAND, the native token of The Sandbox, is up 9% on the market in the last few hours. At the time of writing, SAND is trading at a value of $2,94 per token.
It may interest you: The Sandbox and Unstoppable Domains promote women's inclusion in the Web3
The potential of the Metaverse for HSBC
The Metaverse is opening the door to new interactive and immersive experiences for users, HSBC explained. The bank also noted that the virtual world represents a great opportunity for companies and businesses. “The global metaverse market is estimated to grow from $45,4 billion in 2019 to a staggering $1,5 trillion by 2030”, the bank said, citing estimates by prestigious consulting firm PwC.
For Suresh Balaji, Chief Marketing Officer at HSBC Asia Pacific, the blockchain-based Metaverse will also enable other global institutions to continue innovating in Web3. Balaji highlighted that customers and consumers are increasingly demanding more robust, decentralized and gamified experiences in the Metaverse, so businesses and institutions must be prepared to adopt and use new immersive technologies.
“At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunities for our current and future customers and the communities we serve.”, Balaji said. The bank also said it will work with its sports partners, as well as brand ambassadors and gaming software company Animoca Brands, which is currently developing The Sandbox Metaverse, to create educational, inclusive and accessible experiences focused on sports and the next generation of the Internet.
HSBC Stadium
The Sandbox shared part of what HSBC wants to build within its platform. A gif in the post made by the blockchain Metaverse shows a virtual state called HSBC Stadium, two bodies of water and other facilities.
The Sandbox COO and co-founder Sebastien Borget said HSBC’s entry into its Metaverse is further evidence of the strong interest from corporations in embracing Web3 culture to connect more directly with their customers and users. “We believe this is the beginning of broader adoption of Web3”, Assured.
Paris Hilton as DJ at The Sandbox
American businesswoman, actress, singer and DJ Paris Hilton, heiress to one of the most luxurious hotel chains in the world, is also a fan of NFT and the Metaverse. In fact, Paris made a special appearance as a DJ at The Sandbox at the SXSW festival this week.
Other major companies from different industries, such as fashion, sports, music, entertainment and gaming, have also joined The Sandbox platform. In total, this blockchain metaverse has more than 200 strategic partnerships, including artists, companies and corporations such as Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Steve Aoki, Richie Hawtin, The Smurfs, Dear Bears, Atari, ZEPTO, AXIS, PwC and many others.
Continue reading: AXA buys virtual land in The Sandbox to explore the opportunities of tomorrow's world
