HSBC has announced its intention to buy a virtual plot of LAND within The Sandbox for an undisclosed amount.
It has been reported that the new partners will develop opportunities for users to engage with sports, esports and gaming enthusiasts, according to the statement by The Sandbox.
Suresh Balaji, the Chief Marketing Officer for the Asia-Pacific region at HSBC, said that the banking giant will reportedly focus on financial literacy offerings and "work with our sports partners, brand ambassadors and Animoca Brands to co-create experiences that are educational, inclusive and accessible.”
However, this partnership comes at a time when many financial institutions are closing physical branch locations due to the shift to digital banking, which was accelerated by the pandemic.
Mathieu Nouzareth, the US CEO of The Sandbox, said:
"Financial literacy is a major obstacle to building healthier, more equitable financial futures. 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 added that he hopes to connect with a "generation who is accustomed to engaging with all kinds of brands and experiences on digital platforms." And that financial institutions shouldn't get left behind other interactive brands and service providers looking to innovate in the metaverse.
Animoca Brands, the parent company of The Sandbox, said that HSBC is joining over 200 existing partnerships operating in the metaverse. Other major brands working with The Sandbox include the Warner Music Group, Adidas and Ubisoft. HSBC is not the first bank to enter the metaverse.
Thus, last month, J.P. Morgan officially became the first major bank in Decentraland, having opened a virtual lounge in its metaverse. The global metaverse market is estimated to reach $1 trillion by 2030.
Source: Cointelegraph