Banking giant HSBC has partnered with blockchain gaming firm The Sandbox, becoming the latest corporation to enter the metaverse, The Sandbox said in a blog post on 16 March.
According to the announcement, the partnership will see the financial services provider acquire a plot of LAND — a virtual real estate in The Sandbox metaverse — which will be developed to entertain and connect sports, e-sports, and gaming enthusiasts. While not much detail was revealed around the initiative, the blog post included an image of an HSBC stadium next to a virtual body of water. Co-founder and COO of The Sandbox, Sebastien Borget, said in a statement:
“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.”
One of the reasons behind HSBC’s expansion into the metaverse is its belief that the metaverse is how “people will experience Web3, the next generation of the Internet”. The chief marketing officer at HSBC Asia-Pacific, Suresh Balaji, noted that there is “great potential” in creating new experiences through emerging platforms for their existing and future customers.
The Sandbox already has over 200 existing partnerships, including Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Atari, CryptoKitties, and more. The metaverse startup — which raised $93 million in a Series B back in November — recently launched the second season of its virtual world game, providing players with the opportunity to earn up to 1,000 SAND tokens.