The Sanbox is a virtual gaming space based on Ethereum blockchain, where players can monetize their gaming experience and which is mostly owned by Animoca Brands head-quartered in Hong Kong.
The amount paid by the banking behemoth for entering this metaverse remains undisclosed.
What’s in there for HSBC in the Sandbox?
The source says that the UK banking giant will now be able to engage with fans of sports, e-sports and gamers through its “digital real estate” in The Sandbox.
This move into the Metaverse is taking place as HSBC is shrinking its presence in the real world in the UK. Earlier this week, the bank announced that it would shut down another 69 branches in the UK since its customers are moving online.
HSBC follows the suit of JP Morgan
HSBC has become the second global banking giant to enter the Metaverse. In February, JP Morgan opened a virtual lounge in the Decentraland Metaverse. The US banking conglomerate featured a portrait of its chief Jamie Dimon in its new digital lounge located in a virtual shopping mall.
Prior to taking that step, the bank released a report about new vast opportunities that are opening in the Metaverse now.
The report stated that an annual amount of funds spent on digital goods totals a whopping $54 billion – twice more than is spent on purchasing music online. Users in the Metaverse can buy land, play games, choose an avatar to walk in there, interact with friend, etc.
HSBC hopes to create new brand experiences for both its current and potential clients in the online world.