HSBC Purchases Virtual Real Estate in The Sandbox Metaverse
HSBC Purchases Virtual Real Estate

HSBC Purchases Virtual Real Estate in The Sandbox Metaverse

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Financial services provider HSBC becomes the latest global bank to get on the metaverse bandwagon by purchasing a piece of virtual real estate in The Sandbox metaverse. With the purchase, it joins the exclusive club of several global brands, such as Warner Music Group, Gucci, and Adidas, with a presence within The Sandbox metaverse.

The bank aims to upscale its partnership with The Sandbox in the sports, esports, and gaming sectors by devising novel ways to engage with audiences and fans.

Suresh Balaji, Chief Marketing Officer at HSBC Asia-Pacific, explained the importance of the metaverse, comprising augmented reality, virtual reality, and extended reality tech, for building the next generation of the Internet. Moreover, Web3 has already brought numerous applications in the financial services industry. However, no further details on its virtual real estate or the plot were disclosed by the company.

HSBC has now joined an exciting list of global brands and companies that have partnered with the blockchain gaming firm. This includes Warner Music Group, Gucci, and Adidas.

“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,” said Sebastien Borget, Chief Operating Officer and co-founder of The Sandbox. 

With the rising popularity of the metaverse and the increasing number of applications bringing it to the mainstream, it will continue to attract interest and investments from such global brands and institutions. The metaverse will possibly emerge as the leading medium for brands to build digital-first experiences and engage both new and existing customers.

Last month, JPMorgan had also unveiled its virtual lounge within the blockchain-based virtual world, Decentraland.

The economics of the metaverse or ‘metanomics’ present opportunities in almost every market area and industry. Nevertheless, it is still undergoing rapid transformation and will continue to innovate around human interactions.

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