HSBC buys virtual plot in the metaverse

March 23, 2022

By Sharan Kaur Phillora

HSBC has bought a plot of virtual real estate in an online gaming space called The Sandbox. The move will allow HSBC to engage with sports, e-sports, and gaming fans through its new acquisition in The Sandbox.

Here’s what we know:

  • With its new acquisition, HSBC hoped to be able to “create innovative brand experiences for new and existing customers,” in its virtual world.
  • Suresh Balaji, chief marketing officer, Asia-Pacific, HSBC, says: “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.”
  • He further added, “Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible.”
  • HSBC is the second global bank to invest in a popular metaverse platform after JPMorgan last month set up a presence in blockchain-based Decentraland.
  • While HSBC is increasing its presence in the digital space, the company is decreasing its presence in the physical world. The company confirmed it would cut a further 69 branches in Britain as its customers move online.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

 

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