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HSBC buys virtual plot of land in the metaverse

HSBC buys virtual plot of land in the metaverse

HSBC has become the latest financial institution to venture into the metaverse, acquiring virtual real estate in The Sandbox.

HSBC intends to use its plot of land to engage and connect with sports, esports and gaming enthusiasts.

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.

"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.”

HSBC's entry to The Sandbox follows that of Thailand's Siam Commercial Bank.

In February, JPMorgan became first bank to open a lounge in the Decentraland virtual world

Meanwhile, American Express has filed trademark applications to register its name, logo, and slogans for a range of banking services in the metaverse.

Sebastien Borget, COO and co-founder of The Sandbox, says: "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.”

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