Cover HSBC Bank logo can be seen at its office in Singapore. (Photo: Getty Images)

HSBC will join companies such as Gucci, Warner Music Group and Ubisoft in acquiring a plot of virtual land to allow consumers to engage with global financial service providers in the digital realm

One of the world’s largest international banking and financial services providers, HSBC, has announced that it will be partnering with The Sandbox to open up opportunities for virtual communities across the world to access global financial services providers and sports communities in The Sandbox metaverse.

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The partnership between HSBC and The Sandbox, a platform that allows creators to monetise assets and gaming experiences on the blockchain, will see HSBC acquiring a plot of virtual real estate in The Sandbox metaverse. This plot of virtual land will then be developed to engage and connect with various communities. 

In particular, HSBC will be launching a “Sports Zone” on its virtual estate to connect with sports, esports and gaming enthusiasts.

This agreement is good news for the future of virtual platforms such as this because it opens the door for other global institutions to continue innovating as they adopt more robust experiences in the metaverse through decentralized and gamified offerings. This is all while the global metaverse market estimates growth from US$45.4 billion in 2019 to USD$1.5 trillion in 2030.

“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. 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,” shared Suresh Balaji, the Chief Marketing Officer of HSBC Asia-Pacific.

HSBC has joined over 200 existing partnerships companies such as  Gucci, Warner Music Group, Ubisoft and more have with The Sandbox.

“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,” concluded Sebastien Borget, the co-founder of The Sandbox.

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