Tuesday, October 4, 2022
HomeMetaverseBanking giant HSBC in collaboration with The Sandbox dives in Metaverse universe

Banking giant HSBC in collaboration with The Sandbox dives in Metaverse universe

HSBC is the latest corporate behemoth to enter the metaverse, owing to its collaboration with The Sandbox.

According to a blog post published on March 15 by The Sandbox, British bank, HSBC, has purchased a plot of land in the virtual world of the metaverse startup — space that will be built to delight sports, e-sports, gaming, and financial experts. Metaverse virtual worlds provide users with engaging and immersive experiences, and many of these platforms are founded on blockchain technology. The specifics of the programme are not revealed, but HSBC’s Suresh Balaji, chief marketing officer for the Asia-Pacific region, indicated in a statement that the metaverse is how customers would interact with web3, the next generation of the internet.

The collaboration enables other global institutions to continue developing in Web3 as consumer acceptance demands more comprehensive metaverse experiences via decentralised and gamified products.

The Sandbox, the metaverse’s top decentralised gaming virtual universe, fully embraces the concept of the metaverse as a continuous shared digital area where worlds and brands combine to generate magic and actual usefulness and economy. Sebastien Borget, the company’s co-founder and COO, stated that HSBC’s interest in the metaverse signifies the beginning of a larger adoption of web3 and the metaverse by institutions driving brand experiences and engagement inside this new ecosystem.

The Sandbox is a division of Animoca Brands, a Hong Kong-based game firm. In November of last year, the company secured $93 million in a round headed by SoftBank Vision Fund 2. HSBC joins over 200 existing collaborations, including Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki, Richie Hawtin, The Smurfs, Care Bears, Atari, ZEPETO, and CryptoKitties, all of which support The Sandbox’s vision of empowering players to create their own experiences using both original and well-known characters and worlds.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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