HSBC Partners With Metaverse Giant The Sandbox
- The partnership will see HSBC acquire a plot of LAND in The Sandbox, which will be developed to entertain a variety of sports fans.
- The reason behind the move was HSBC’s belief in the future of the metaverse, and its potential to create new experiences for its existing and future customers.
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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.
- Blockchain has not only affected the financial industry but also the gaming world, and game developers are increasingly incorporating the technology into their products.
- Although the technology is extremely secure, it is important to remember that safety starts with the user, and it is up to them to ensure their protection online.
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- Metaverse gaming platform The Sandbox has signed a memorandum of understanding (MoU) with the Saudi Arabia Digital Government Authority.
- The partnership will see The Sandbox and DGA “exploring, advising and supporting” each other on future metaverse projects.
- Blockchain developer Elrond is switching its focus to the metaverse, and in order to reflect that has now rebranded itself as MultiversX.
- The company has also introduced three new metaverse products, which include a metaverse portal, digital assets holder, and a deployable blockchain module.