The British multinational investment bank and financial services holding company, HSBC, has revealed it has partnered with the blockchain virtual gaming platform The Sandbox. According to the platform’s parent company, Animoca Brands, HSBC is the first global financial services provider to enter The Sandbox metaverse.
HSBC Steps Into the Metaverse
Over the last 12 months, The Sandbox has attracted a great number of businesses and celebrities to the blockchain virtual gaming platform. For instance, The Sandbox has enticed Snoop Dogg, Deadmau5, Atari, The Care Bears, The Smurfs, Gucci, Warner Music Group, Adidas, PWC Hong Kong, Samsung, Square Enix, Ubisoft, and more.
On Wednesday, Animoca Brands and the British bank HSBC announced the companies have inked a partnership deal and that the global financial services provider will engage with other finance providers and sports communities within The Sandbox metaverse.
“The groundbreaking partnership between The Sandbox and HSBC will see the global financial services provider acquire a plot of LAND, virtual real estate in The Sandbox metaverse, which will be developed to engage and connect with sports, esports, and gaming enthusiasts,” the announcement on Wednesday notes.
The press release highlights a PWC report that estimates the metaverse market will grow from $45.4 billion to $1.5 trillion by 2030. The financial institution HSBC sees significant potential in the metaverse and Web3 in the future.
“The metaverse is how people will experience Web3, the next generation of the Internet – using immersive technologies like augmented reality, virtual reality, and extended reality,” the chief marketing officer at HSBC Asia-Pacific, Suresh Balaji, said in a statement. The HSBC executive added:
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.
Native Token SAND Gathers 336% Against the U.S. Dollar in 12 Months
The Sandbox blockchain metaverse has seen enormous growth during the last year, and according to nonfungible.com’s NFT market tracker, The Sandbox is the third largest project in the last seven days in terms of sales, with $7.6 million in weekly volume. Furthermore, the project’s native token SAND has gained 336.2% year-to-date, according to today’s market statistics.
At the time of writing, SAND’s $3.3 billion market capitalization represents 0.18% of the crypto economy’s $1.86 trillion valuation. Following the Animoca Brands and HSBC partnership announcement, SAND gained over 9% against the U.S. dollar on Wednesday.
Tags in this story
What do you think about HSBC entering the metaverse via The Sandbox blockchain virtual universe? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.