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  • Writer's pictureEugenie Mae

HSBC Enters The Metaverse

Hong Kong-based bank HSBC, with almost $3 trillion in assets, is the first global bank to enter The Sandbox metaverse with intention to engage with sports, e-sports and gaming fans.

Created by metaverse-focused gaming and investment firm Animoca Brands, "The Sandbox" is a blockchain-based mobile game that allows users to create their own nonlinear gameplay. Animoca Brands has investments in more than 150 NFT, metaverse, and blockchain companies, including ownership of the blockchain-based game "Olympic Games Jam: Beijing 2022" and investing in Fan Controlled Football and NBA Top Shot.

The bank will purchase a plot of land on The Sandbox metaverse to engage with sports, e-sports and gaming fans. Further details of HSBC's development in the virtual plot of land were not announced. However, a promotional GIF that was posted along with the statement showed a HSBC stadium next to a virtual body of water.

"HSBC sees great potential in creating "new experiences through emerging platforms," said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific, in a recent statement. The partnership with The Sandbox will enable the bank to "create innovative brand experiences for new and existing customers," he added.

In taking its step into the metaverse, HSBC joins other global brands like Gucci, Warner Music Group and Adidas, working with The Sandbox. Not long ago, J.P. Morgan entered the metaverse by buying a plot of land in Decentraland, a browser-based virtual 3D world platform, to build a lounge for customers in February recently.

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