HSBC forays into the metaverse with multiple partnerships with Web3 firms, including the Sandbox and Animoca Brands.
- HSBC is the first global financial services provider to enter the Sandbox metaverse, the blockchain gaming firm said on Wednesday. With $3 trillion in asset, HSBC is one of the largest banking and financial services organizations in the world.
- The Sandbox metaverse is already filled with a number of global brands, including Gucci, Warner Music Group, Ubisoft, and Adidas.
- According to The Sandbox, the partnership “will open up a host of opportunities” for virtual communities across the world to engage with global financial services providers and sports communities in The Sandbox metaverse.
- HSBC will acquire a plot of LAND, virtual real estate in The Sandbox metaverse, which the bank will develop to engage and connect with sports, esports and gaming enthusiasts.
- Companies from across the industries are exploring metaverse to build new user experiences. Last month, JPMorgan opened a virtual lounge in the popular blockchain-based virtual world Decentraland.
- The Sandbox said the agreement with HSBC 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.
- Metaverse virtual worlds deliver interactive and immersive experiences to users, with many of these platforms built on blockchain technology. According to PWC, the global AR VR market is projected to grow from $45.4 billion in 2019 to $1.5 trillion in 2030.
- Suresh Balaji, HSBC Asia-Pacific CMO, pointed out that the metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality.
- According to Suresh, HSBC see “great potential to create new experiences” through emerging Web3 platforms, which he believes will open up “a world of opportunity for current and future customers”.
- “Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible,” stated Suresh Balaji.
- Sebastien Borget, COO and Co-founder of The Sandbox, said: “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. We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem.”
- Over 200 brands and companies are currently building new experiences in the Sandbox metaverse.
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