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HSBC is the newest corporate giant to join the Metaverse as they agreed to a partnership with The Sandbox.
According to a blog post published by The Sandbox on Wednesday, the British banking giant acquired a plot of land in the metaverse startup’s virtual universe – a space that is set to be developed to entertain sports, gaming, e-sports, and finance professionals.
Although further information about the initiative was revealed, HSBC’s chief marketing officer for the Asia Pacific region, Suresh Balaji, said in the statement that the metaverse “is how people will experience web3, the next generation of the internet.” He further added:
“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.”
Attached to the blog post is an image depicting a pixelated plot of Land, complete with an HSBC-branded rugby stadium.
The Sandbox, a subsidiary of Animoca Brands, is one of Hong Kong’s leading gaming companies. The firm recently raised $93 million in a round led by SoftBank Vision Fund 2 sometime in November last year.
Asides from HSBC, other notable brands have flocked the Sandbox’s metaverse, including Gucci, Ubisoft, and Warner Music Group.
Speaking on the partnership with HSBC, cofounder of The Sandbox, Sebastian Borget, said:
“The interest of companies like HSBC in the metaverse signals the beginning of a broader adoption of Web3 and the Metaverse by institutions driving brand experiences and engagement within this new ecosystem.”