HSBC, a leading global banking and financial services provider, announced a partnership with blockchain gaming platform The Sandbox, in a statement released on Wednesday, to build its presence in the Hong Kong-based firm’s metaverse.
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Fast facts
- HSBC will develop a plot of LAND, a piece of digital real estate in The Sandbox, to engage and connect with sports, esports and gaming enthusiasts.
- The bank says it sees “great potential to create new experiences through emerging platforms” for current and future customers.
- In January this year, the Sandbox announced its partnership with a star-studded group of partners in Hong Kong for Mega City, an upcoming cultural hub based on the international city within the metaverse.
- HSBC is one of the largest banks in Hong Kong and an iconic institution headquartered in Central, Hong Kong’s central business district. This partnership adds them to the Sandbox’s list of Hong Kong-based partners.
- The Sandbox, built on the Ethereum blockchain, allows players to build, own and monetize their gaming experiences through NFTs. It was acquired by Hong Kong-based blockchain gaming developer Animoca Brands in August 2018.
- In November 2021, the Sandbox raised $93 million in a Series B investment round led by Softbank.
- Other major brands working with The Sandbox include Warner Music, Adida, Ubisoft and Hong Kong-based publisher South China Morning Post.
- A report by PwC estimates the metaverse market will grow from $45.5 billion in 2019 to as much as $1.5 trillion by 2030.
- HSBC isn’t the first bank to announce its metaverse ambitions. In February, US bank JPMorgan said it would set up a lounge in Decentraland, while Thailand’s Siam Commercial Bank (SCB) opened a digital branch in the Sandbox this month.
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