HSBC buys a plot of virtual land as it decreases presence in real world

The Sandbox is an online gaming space owned by Hong Kong-based Animoca Brands. And this week, HSBC announced that it was moving in!

The bank bought a piece of virtual land for an undisclosed sum, which comes at a time when it’s shrinking its presence in the real world, specifically Britain.

This follows bank JP Morgan, which actually got onto the metaverse wave last month, opening up a lounge space in Decentraland, where lounge visitors are welcomed with a portrait of CEO Jamie Dimon and, for some reason, a roaming tiger.

Key comments:

“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,” said Suresh Balaji, chief marketing officer, Asia-Pacific at HSBC. “At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve. 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.”

“We’re pleased to see large, trusted institutions such as HSBC join The Sandbox open metaverse and embrace the culture of Web3, connecting with users through entertainment, gaming and user-generated content. We believe this is the beginning of a broader adoption of Web3 and the metaverse by institutions driving brand experiences and engagement within this new ecosystem,” said Sebastien Borget, COO and co-founder of The Sandbox

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