HSBC Jumps into the Metaverse with The Sandbox

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  • HSBC has announced that it is working with The Sandbox to embed itself into the metaverse
  • The banking giant will buy a plot of LAND on which it will build a virtual ‘Sports Zone’
  • The Sandbox can add HSBC to a list that includes Gucci, Atari, Adidas, and more

Banking giant HSBC has taken a huge step into the future by buying a plot of land in The Sandbox metaverse. HSBC co-announced the deal with The Sandbox yesterday in what constitutes one of the biggest markers yet of the potential of the metaverse as a concept. The Sandbox already has partnerships in place with some big brands across various industries, but the move by HSBC represents a different type of participation in the fledgling space, which PwC says will grow from $45.4bn in 2019 to around $1.5tn by 2030.

HSBC Buys Up Some LAND

The Sandbox announced the deal yesterday, with a Medium post explaining how HSBC had acquired a plot of LAND which the bank will use to “engage and connect with sports, esports and gaming enthusiasts.”

Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC, expanded on the bank’s “foray into the metaverse” which he said would allow it to “create innovative brand experiences for new and existing customers…working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible.”

HSBC has dabbled in the cryptocurrency and blockchain world before, securing $20 billion worth of assets in a digital vault which in March 2020 and working on a blockchain payment solution in South Korea.

The Sandbox Adds to Impressive Client List

The Sandbox co-founder and COO added that he believed the HSBC deal represented “the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.” A tweet celebrating the deal stated that the bank would be “launching a “Sports Zone” on their ESTATE in #TheSandbox to interact with and connect sports, esports & gaming enthusiasts.”

The Sandbox currently has over 200 existing partnerships with brands including Gucci, Warner Music Group, and Ubisoft and looks to be positioning itself at the forefront of the metaverse movement.