HSBC Partners with The Sandbox, Opening Doors Into the Metaverse

Key Insights:

• The British banking giant HSBC has made its way into the metaverse.
• HSBC is the first global bank to enter the Sandbox metaverse.
• The partnership aims to help the bank ‘take sports engagement to a new level.’

The multinational investment bank and financial services holding company HSBC is the new corporate giant to enter the metaverse through a partnership with the Sandbox (SAND).

Finance Giant Entering the Metaverse

One of the world’s largest international banking and financial services providers, HSBC, made the partnership announcement today.

A blog post by the firm said that the new collaboration could potentially open more opportunities for virtual communities across the world to ‘engage with global financial services providers and sports communities.’

HSBC would acquire a plot of virtual real estate in the Sandbox metaverse to increase engagement and connect with sports, e-sports, and gaming enthusiasts.

Additionally, the financial giant believes that the agreement opens the door for other global institutions to continue innovating in Web3.

HSBC thinks that increased consumer adoption calls for robust experiences in the metaverse through decentralized and gamified offerings.

The statement provided no details of HSBC’s development in the virtual plot of land. However, the firm posted a promotional GIF in the blog showing an HSBC stadium next to a virtual body of water.

The Chief Marketing Officer, Asia-Pacific, at HSBC, Suresh Balaji, said,

“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.”

Balaji further added that the firm’s partnership with the Sandbox will allow the bank ‘to create innovative brand experiences for new and existing customers.’

Customer Engagement through Metaverse and NFTs

The Metaverse and NFT space boom has led to many multinational firms entering the space to woo customers and increase consumer engagement. HSBC joins a swarm of global brands working with the Sandbox, including Gucci, Warner Music Group, Ubisoft, and Adidas, among others.

The Sandbox is a subsidiary of the Hong Kong gaming company – Animoca Brands. The firm raised $93 million in a funding round led by SoftBank Vision Fund 2 in November 2021.

The Sandbox has had its fair share of social attention over the last few months. On February 17, Snoop Dogg turned the Death Row record label into an NFT label and launched Snoopverse in the Sandbox.

Furthermore, just today, Paris Hilton announced a partnership with the Sandbox wherein the singer would appear as her voxel avatar.

Apart from gaming and sport, the metaverse has attracted celebrities from the music and entertainment industry. Interest from the Music industry has been so immense that even Tencent Music (TME) and Warner Music Group (WMG) have entered the metaverse.