HSBC Bank Enters the Metaverse with Sandbox

• HSBC Bank has become the latest financial institution to enter the metaverse

• The company has partnered with Sandbox, buying a plot of digital LAND that will be used to entertain sports, e-sports, and gaming enthusiasts

• The global market cap of the metaverse has been estimated to reach $1.5 trillion by 2030

One of the world’s largest financial institutions, HSBC with almost $3 trillion in assets, has become the first global bank to enter The Sandbox metaverse.

The collaboration between both parties was announced in a statement that was released by the blockchain gaming firm on Wednesday.

The statement revealed that HSBC bank will buy a plot of land in the metaverse, which it plans to develop to engage with sports, e-sports, and gaming fans.

The bank has however failed to disclosed details of its development in the metaverse. Followers however got a glimpse of what to expect as a promotional GIF that was posted along with the statement showed the HSBC stadium beside a river in the virtual world.

HSBC statement from Suresh Balaji, the chief marketing officer of the Asia-Pacific faction divulged that the company sees “great potential” in creating “new experiences through emerging platforms”.

The bank’s investment in the metaverse comes after JP Morgan Chase announced itself as the first bank to enter the metaverse by purchasing virtual land to build a lounge for customers in the metaverse.

Gucci, Warner Music Group, and Addidas are some of the other top companies to have collaborated with Sandbox on a metaverse project.

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