The blockchain gaming company Sandbox announced its partnership with HSBC Bank on Wednesday, where HSBC is entering The Sandbox metaverse. The bank will buy the virtual plot of land in the metaverse and plans to develop it to attract and engage sports, e-sports, and gaming fans.
The details of the partnership will be announced later. The gaming company has created a promotional GIF for the event, which shows an HSBC stadium near a pool in the metaverse.
After the announcement, the metaverse crypto asset, The Sandbox (SAND) price increased by 9.13% to US$2.95 on Wednesday at 6:08 am ET.
In financial institutions, HSBC is not the first to enter the metaverse. In February, JPMorgan announced its entry into another metaverse, Decentraland.
According to some analysts, the metaverse will be a trillion-dollar market by 2030.
Before HSBC, the gaming firm has partnered with many other big brands, including Warner Music Group, Adidas, Gucci, Snoop Dogg, The Walking Dead, Ubisoft, The Smurfs, Care Bears, CryptoKitties, Atari, ZEPETO etc.
Also Read: Why is ShibaDoge (SHIBDOGE) rising today?
What Is The Sandbox (SAND)?
The Sandbox is a blockchain-based virtual world or metaverse where users can create, build, buy and sell digital assets, create NFTs and play-to-earn. It strives to make a decentralized platform by combining the power of non-fungible tokens (NFTs) and the decentralized autonomous organization (DAO).
The gaming platform is getting popular with real-world corporates entering the space with their offerings lately.
The gaming industry thrives on blockchain-based games and metaverses, with more users cum players joining these platforms every day. The gaming-focused metaverse, The Sandbox, aims to bring blockchain-based gaming into the mainstream through its platform by allowing users to create, play, and earn.
SAND token details:
SAND is its utility token that facilitates transactions on the platform. With 128,599 holders, it has a market capitalization of US$3.35 billion.
The token has a circulating supply of 1.14 billion SAND and a total supply of 3.0 billion SANDs. Its 24 hours volume increased 92.89% to US$802,517,087 in the morning hours on Wednesday.
The SAND token is currently available for trading on Binance, Bitget, Bybit, OKX, and FTX exchange.
It is interesting to see a bank, a centralized finance authority in its own right, going into the decentralized finance space, a blockchain-based virtual gaming world. What could it offer? The existing real-world products to the sports and gaming vicinity in there or it would create something new for them.
However, it is imperative to say that the crypto market is volatile, and investors must be careful and exercise due diligence while deciding to invest in it.
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