One of the biggest banks in Europe, HSBC, which has a total worth of $2.4 trillion, has announced that it is planning to buy a virtual plot of LAND in The Sandbox metaverse for an unknown amount.
As per the statement by The Sandbox, the new project will develop options for users to engage with esports and gaming enthusiasts.
Delighted to announce we’ve partnered with @HSBC, one of the world’s largest international banking & financial services providers! 🤝
Bringing a host of opportunities to engage with global financial services & sports communities in The Sandbox Metaverse.https://t.co/GmQ3lrVmnB
— The Sandbox (@TheSandboxGame) March 16, 2022
According to Suresh Balaji, HSBC’s chief marketing officer for the Asia-Pacific region, the banking giant would focus on financial education products and work with its sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are instructive, diverse, and accessible.
The Sandbox believes that financial literacy is the major obstacle
This agreement comes at a time when many financial companies are shutting down physical branch sites as a result of the pandemic-accelerated shift to digital banking. Mathieu Nouzareth, the newly hired U.S. CEO of The Sandbox, spoke in an interview about his vision for banking in the metaverse. He said that financial literacy is one of the major obstacles to building “healthier, more equitable financial futures. He informs that the gaming component of The Sandbox is “ideally suited for engaging customers and curious onlookers about important financial concepts in an interesting and novel way.”
He went on to add that the company hopes to connect with a “generation who is accustomed to engaging with all kinds of brands and experiences on digital platforms.”
The parent company of Sandbox, Animoca Brands, tweeted about the partnership with HSBC. It has already partnered with more than 200 companies operating in the metaverse. As TheCoinRise reported, The Sandbox recently teamed up with the Warner Music Group to bring musical LAND.
HSBC, on the other hand, isn’t the first bank to venture into the metaverse. J.P. Morgan has already entered the metaverse through Decentraland last month when it established a virtual lounge in its metaverse. By 2030, the worldwide metaverse market is expected to be worth $1 trillion.