HSBC joins the metaverse through The Sandbox

HSBC, one of the world's largest banks, is dipping its toes into the metaverse, with $3 trillion in assets under control.

The multinational investment bank and financial services company, HSBC, has secured virtual real estate in its metaverse gaming platform, according to The Sandbox, a metaverse project firm.

According to the corporation, the relationship between the global financial organization and Sandbox will open the way for new potential in virtual communities.

The Sandbox welcomes HSBC bank

According to the Sandbox, the agreement permits other multinational institutions to continue developing in Web3.

Because user acceptance necessitates more complete metaverse interactions via autonomous and gamified services, e-sports fans and passionate gamers will be more engaged.

Both parties did not reveal all of the agreement's specifics. Suresh Balaji, HSBC's Asia-Pacific Chief Marketing Officer, revealed that the relationship includes a virtual land, as seen by a promotional GIF depicting the HSBC stadium alongside a virtual ocean.

The metaverse, according to Balaji, "is how people will experience web3, the next version of the internet." "Great potential to build new experiences through emerging platforms," he says, according to HSBC.

Traditional businesses are taking an interest in the metaverse

With the entry of major financial institutions such as HSBC into the cryptocurrency ecosystem, it is clear that NFTs and the Metaverse are the way of the future for social interactions.

For instance, Walmart, Disney, and Warner Bros. are all experimenting with the metaverse. Warner Music is now working on a concert-themed magic kingdom on The Sandbox with the support of musicians such as Dua Lipa.

Gucci, a high-end fashion house, recently purchased land on The Sandbox to assist build a facility for providing virtual fashion products to Gen Z.