HSBC, one of the world’s biggest bank with some $3 trillion of assets under management, is tipping its toes on the metaverse.
The Sandbox, a metaverse project firm, revealed that HSBC secured virtual real estate in its metaverse gaming platform this Wednesday.
The partnership between the global banking organization and Sandbox will pave the way for different opportunities in virtual communities, the company said.
Opportunities for Gaming Enthusiasts on The Sandbox
The deal allows other multinational institutions to continue development in Web3 according to the Sandbox.
This is as user acceptance requires more comprehensive metaverse interactions via autonomous and gamified services, meaning more engagement for e-sports lovers and passionate gamers.
Both parties did not reveal complete details of the agreement. However, Suresh Balaji, HSBC’s Chief Marketing Officer for Asia-Pacific, announced that the partnership includes a virtual land as seen through a promotional GIF showing the HSBC stadium beside a virtual ocean.
In the words of Balaji, the metaverse “is how individuals will experience web3, the next generation of the internet.” He says HSBC sees “great potential to create new experiences through emerging platforms.”
Traditional Organizations Show Interest in the Metaverse
With the influx of different traditional firms like HSBC in the cryptocurrency ecosystem, it is evident that NFTs and the Metaverse are the future of social interactions.
Based on a report by PricewaterhouseCoopers (PwC), the decentralized virtual worlds built on blockchain technology can provide users with dynamic and comprehensive communications.
The accounting firm made a bold projection, predicting that the worldwide metaverse industry will expand from $45.4 billion in 2019 to $1.5 trillion by 2030. That is already happening as giants like HSBC joins the metaverse world.
Before HSBC’s recent move, JP Morgan was the first financial institution to buy land in Decentraland. In February, the bank created a metaverse office for its customers.
Organizations like Walmart, Disney, and Warner Group are all exploring the metaverse. With the help of artists like Dua Lipa, Warner Music is now working on a concert-themed magic kingdom on The Sandbox.
Gucci, a luxury brand, recently bought property on The Sandbox that will help construct a facility for providing virtual fashion products to Gen Z.
The Sandbox is worth over $3 billion thanks to its fundraising campaign in November 2021, which yielded more than $93 million. SAND, The Sandbox’s token, currently trades for $2.92 per token.
COO and co-founder of the company, Sebastien Borget, stated that companies like Gucci and HSBC are participating in the metaverse platform because the virtual world “drives brand experiences and engagement within this new ecosystem.”
Source: https://www.trustnodes.com/2022/03/16/hsbc-enters-the-metaverse