- HSBC has become the latest large business to enter the metaverse through a collaboration with The Sandbox.
- The bank is investing in a plot of land in The Sandbox’s metaverse.
The banking behemoth HSBC has also entered the metaverse and cryptocurrency cosmos. The Bank of the Web, which is also known as the European bank with the most customers, has partnered with Sandbox, one of the metaverse platforms. This collaboration aims to combine the worlds of finance and sports in the metaverse.
HSBC’s investment in The Sandbox will allow the bank to explore how it can use virtual reality for training, marketing, and customer service purposes. Virtual worlds are becoming an increasingly important part of the startup that has created a virtual world where businesses and individuals can collaborate and experiment with new technologies.
Memorandum of the partnership
As part of the collaboration, the HSBC bank will acquire land in the Sandbox, which will be used as a place to entertain sports and finance enthusiasts. This move is interesting because it brings two industries together that have not interacted much in the past.
The Sandbox has created a virtual world where businesses and individuals can collaborate and experiment with new technologies. HSBC’s investment in The Sandbox will allow the bank to explore how it can use virtual reality for training, marketing, and customer service purposes.
The specifics of the project were limited, but HSBC’s Suresh Balaji, Asia-Pacific region’s chief marketing officer, said in a press release that “people will interact with web3, the next generation of the internet” referring to the metaverse.”He also added that in HSBC, they see great potential to form develop new experiences through the upcoming platforms, therefore, opening up a world of opportunity for their current and future customers as well as for the communities they serve.
The Sandbox metaverse
Animoca Brands, a gaming company based in Hong Kong, owns the Sandbox. The Sandbox is a user-generated content gaming platform and an Ethereum-powered virtual world where players can build, own, and monetize their gaming experiences in the form of NFTs.
With The Sandbox, players can create unique experiences ranging from simple games to entire virtual worlds. TheSandbox also allows users to upload 3D models and create their own skins, which they can then sell in the game’s marketplace.
Alongside HSBC, The crypto community embraced IWD has partnered with the Sandbox in donating $25 million to World of Women to establish the WoW Foundation. Through this partnership, The Sandbox will offer free land in their virtual world for women to create their own experiences.
The Sandbox team expressed their excitement about the partnership with HSBC. In a blog post, they wrote: “This is a great day for The Sandbox community as we welcome HSBC, one of the largest banks in the world, as our first major corporate partner.”The post went on to say that the partnership would allow The Sandbox “to explore new use cases for blockchain technology and NFTs with a leading global institution.”
This step of HSBC is simply part of a larger trend. In May 2018, the firm stated that it has no interest in investing in digital currency or establishing a cryptocurrency desk and that cryptocurrencies are not transparent assets. After such a statement that sealed the fate of its rivals, HSBC’s entrance into the metaverse world may be seen as a major step forward for the crypto money industry.