Global banking giant HSBC and virtual gaming platform The Sandbox are teaming up on a metaverse initiative.
Under the deal, HSBC will acquire virtual real estate in The Sandbox metaverse to connect with gaming and sports devotees. Touching on the initiative, HSBC said:
“The agreement opens the door for other global institutions to continue innovating in Web3 as consumer adoption demands more robust experiences in the metaverse through decentralized and gamified offerings.”
Also, by partnering with The Sandbox, HSBC enters the metaverse a month after one of its noted rivals, JPMorgan. The latter launched its first metaverse lounge in Decentraland on February 17th.
The metaverse, currently viewed as a boon of opportunities for businesses, has experienced exponential growth since last year. In fact, some analysts suggest it will become a trillion-dollar hub this year. According to DappRadar:
“A piece of NFT land in a virtual world is a hot commodity at the moment, as investors and opportunists want a piece of the metaverse.”
The metaverse also encompasses virtual and augmented reality, decentralized finance (DeFi), and digital currencies. Suresh Balaji, Chief Marketing Officer, Asia-Pacific, HSBC described the metaverse as a way for people to “experience Web3, the next generation of the Internet.”
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
