Banking behemoth HSBC is the latest global institute to hop on the metaverse bandwagon as it partnered with The Sandbox, an official announcement made on March 16 confirms.
HSBC Joins the Metaverse FrenzyOne of the largest international banks in the world, HSBC, has inked a partnership with the leading metaverse project The Sandbox to help it enter the rapidly developing metaverse space. The newly forged alliance with The Sandbox will open a whole host of new opportunities for HSBC in that it will enable virtual communities the world over to engage with global financial services providers and sports communities in The Sandbox metaverse. Notably, the partnership will also see HSBC acquire a plot of LAND which is essentially virtual real estate in The Sandbox metaverse. The same will be developed to engage and connect with sports, esports, and gaming enthusiasts. The partnership is being seen as the one that could set a precedent for other financial institutions to enter Web3 and benefit from the rapid innovation and robust solutions being developed on the back of strong consumer demand. Blockchain technology undergirds all metaverse and critical Web3 infrastructure that offers an interactive and immersive experience to users. The global market for metaverse is expected to grow from $45.4 billion in 2019 to a whopping $1.5 trillion in 2030, according to a recent report by PwC. Commenting on the development, Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC, said:
“The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality. At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve. Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible.”Similar sentiments were echoed by Sebastien Borget, COO and co-founder of The Sandbox. He said:
“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.”