- A new corporate giant enters into the metaverse through The Sandbox
- HSBC becomes the first financial institution to join the metaverse by partnering with Open-world Metaverse.
- The partnership opens the door for global institutions to continue innovating in Web3.
On March 16, The Sandbox announced a partnership with HSBC, one of the world’s largest international bank and financial service providers. HSBC becomes the first global financial services provider to enter into the metaverse through The Sandbox.
Additionally, the financial giant believes that the agreement with The Sandbox opens the door for global institutions to continue innovating in Web3.
The Sandbox stated on their blog post: “The new collaboration could potentially open more opportunities for virtual communities across the world to ‘engage with global financial services providers and sports communities.’
Meanwhile, HSBC would acquire a plot of virtual real estate in The Sandbox metaverse. It will increase engagement and aims to connect with sports, e-sports, and gaming enthusiasts. The financial giant believes that increased consumer adoption calls for robust experiences in the metaverse through decentralized and gamified offerings.
The information provided no details of HSBC’s development in the virtual plot of land. However, the firm published a promotional GIF on the blog showing an HSBC stadium next to a virtual body of water.
The Asia-Pacific HSBC CEO Suresh Balaji said:
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.
Balaji added that the firm’s partnership with The Sandbox will allow the bank to create imaginative brand experiences for new and existing customers.
Furthermore, the Metaverse and NFT space boom has led to many multinational firms joining the space to increase consumer engagement. HSBC joins a swarm of global brands working with The Sandbox, such as Gucci, Warner Music Group, Ubisoft, and Adidas (OTC:ADDYY).