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Major Bank HSBC to Buy Virtual Lands on Sandbox

HSBC has become the most recent bank to enter the metaverse. As a result, it joins an array of financial institutions interested in virtual properties. Not long ago, Siam Commercial Bank and JP Morgan also announced the launch of their virtual headquarters.

HSBC Joins Institutions Invested in the Metaverse

HSBC Holdings Plc, headquartered in London, is Europe’s second-largest bank, with an estimated equity of US$206.777 billion as of December 2021. 

The British bank’s intentions about a digital future have been long coming. HSBC said recently that it will close 69 branches across the UK as a result of an increasing number of clients preferring online banking. Its early venture into the metaverse is another step in this direction.

According to The Sandbox, HSBC will purchase a plot of LAND that will be to engage sports and gaming aficionados. This move will create more opportunities for the online community worldwide to interact with global financial institutions and sports organizations.

In addition, HSBC’s collaboration with The Sandbox strives to co-develop informative, inclusive, and accessible experiences. Sebastien Borget, COO of The Sandbox, was equally thrilled to see prominent institutions such as HSBC join The Sandbox metaverse and adopt Web3 technology.

The Sandbox is basically a decentralized online gaming environment where players can create and monetize their gameplay experience. Players can also purchase digital plots of land dubbed “LAND”.

Sandbox’s SAND is up 8% in the last 24 hours, following news of a possible partnership. SAND trades at $2.94 at the time of writing, with a market cap of $3.4 trillion.

Sandbox Partnerships

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The Sandbox bagged significant partnerships in the past year, after its launch in 2020. More partnerships could come to The Sandbox as interest in the metaverse grows. The metaverse platform has already collaborated with prominent brands such as Warner Music Group, Ubisoft, Gucci Vault, and Adidas, as well as celebrities like Snoop Dogg, Steve Aoki, and Richie Hawtin.

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