International banking and financial firm HSBC has announced a partnership with Sandbox to enter the metaverse. According to Sandbox, HSBC will launch a ‘Sports Zone’ on their virtual estate to connect with game enthusiasts and Esports fans. Details on HSBC’s plan with their newly acquired plot have yet to come to light other than a rolling gif posted with the official announcement.
HSBC & Metaverse Moves
Last month, JPMorgan purchased a property in Decentraland to take their run on the blockchain. HSBC’s recent partnership with Sandbox begins to form a pattern of financial giants moving into the Web3 ecosystem. Recognized as a viable opportunity for a thriving business, NFTs and virtual property are receiving attention from all angles. Brands like Ubisoft and icons such as Snoop Dogg have already begun their rise in the metaverse. With nearly 3 trillion in assets, HSBC becomes the first global financial service to enter the Sandbox metaverse.
The HongKong & Shanghai Banking Corporation (HSBC) is one of the world’s largest international banking industries. HSBC has amassed quite a reputation with offices in over 65 countries such as Asia, North Africa, and the Middle East. As the firm begins to expand inside the metaverse, Web3 enthusiasts wait eagerly for HSBC’s plans for the future. At this time, HSBC’s stock is up by 2%, and Sandbox’s native token SAND is up 10%.
“We are pleased to see trusted institutions such as HSBC join The Sandbox metaverse, and embrace the culture of Web3. 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, COO and co-founder of The Sandbox