• HSBC bought a plot of land on The Sandbox which it says it will develop to engage with sports and gaming fans in its first move into the metaverse.
• The bank claims to see great potential in creating new experiences through emerging platforms and pledged to create innovative brand experiences.

One of the world’s largest banks is coming to the metaverse. HSBC, a bank with close to $3 trillion in assets, is set to buy a plot of land on The Sandbox metaverse platform and use it to interact with gaming and sports fans as it seeks to provide better experiences for new and existing customers.

Announcing the move, The Sandbox claimed that it will bring a host of opportunities to engage with global financial services and sports communities.

In an accompanying blog post, The Sandbox revealed that HSBC, which is the second-largest bank in Europe after France’s BNP Paribas, will acquire a plot of land on its metaverse “which will be developed to engage and connect with sports, esports, and gaming enthusiasts.”

It added:

The agreement opens the door for other global institutions to continue innovating in Web3 as consumer adoption demands more robust experiences in the metaverse through decentralized and gamified offerings.

HSBC didn’t reveal too many details about what it plans to offer through its metaverse venture, with The Sandbox saying that it will reveal more details in due course.

In his comments on the move, the bank’s chief marketing officer for the Asia-Pacific region Suresh Balaji  described the metaverse as “how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality, and extended reality.”

He 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.

Balaji further claimed that the partnership will allow the bank to create innovative brand experiences for its new and existing customers. It will work with sports partners, brand ambassadors, and Animoca Brands, the firm behind The Sandbox, to “co-create experiences that are educational, inclusive and accessible.”

The Sandbox has become extremely popular as the metaverse becomes a mainstream phenomenon. It has already partnered with over 200 brands and entities, including Adidas, Gucci, Ubisoft, Warner Music Group, The Walking Dead, Snoop Dogg, Atari, and Steve Aoki.

HSBC joins these partners to “embrace the culture of Web3, connecting with users through entertainment, gaming, and user-generated content. We believe this is the beginning of broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem,” Sebastien Borget, the co-founder of The Sandbox commented.

HSBC now join JPMorgan, which grabbed headlines by being the first major global bank on the metaverse.

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