Banking giant HSBC buys virtual land
In a press release Wednesday, the British banking giant announced that it has acquired virtual real estate in The Sandbox, one of the leading metaverse games in the crypto space, to connect and engage with a global audience of sports, esports and gaming enthusiasts. Suresh Balaji, HSBC's chief marketing officer, said the bank aims to create innovative brand experiences with this move.Sebastien Borget, COO and co-founder of The Sandbox, said, "We're pleased to see large, trusted institutions such as HSBC join The Sandbox's open metaverse and embrace the culture of Web3 connecting with users through entertainment, gaming and user-generated content."Details about HSBC's development on the virtual property were not disclosed. A promotional ad GIF, released along with the statement, showed an HSBC stadium next to a virtual body of water.
Not the first bank to enter the metaverse
The British bank may be the first global financial institution to buy land in The Sandbox, it is not the first major bank to take a swing toward blockchain-based virtual worlds. Last month, JPMorgan opened a virtual lounge in Decentraland, another popular Metaverse game based on the Ethereum blockchain.The Sandbox is a subsidiary of Animoca Brands, the Hong Kong-based gaming company. The firm raised $93 million in a funding round led by SoftBank Vision Fund 2 last November. In addition to HSBC, companies such as Gucci, Warner Music Group and Ubisoft have joined The Sandbox's metaverse.
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