JAKARTA – The metaverse game platform The Sandbox (SAND) has collaborated with a British investment bank, HSBC. This partnership is aimed at improving eSports in the game metaverse.
The Sandbox announced the partnership with HSBC on its official blog. The company has signed a memorandum of understanding (MoU) with the financial giant to acquire a virtual plot of land on The Sandbox platform.
According to CryptoGlobe, the bank will then develop digital real estate and use it to engage and connect with sports, eSports and gaming fans in the metaverse.
SAND and HSBC signed a partnership agreement amid forecasts that the global metaverse market will grow to US$1.5 trillion by 2030. In 2019, the nascent crypto sector was worth only US$45.4 billion.
“Metaverse is how people will experience the Web3, the next generation of Internet — using immersive technologies such as augmented reality, virtual reality and extended reality,” said Suresh Balaji, HSBC chief marketing officer for the Asia-Pacific region.
Balaji also revealed that his company saw the great potential of the metaverse which could provide new experiences for consumers in the future.
"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," he added.
HSBC's entry into the metaverse industry makes the bank join the ranks of popular brands and celebrities exploring the metaverse universe. The Sandbox itself claims to have established partnerships with more than 200 companies and top artists including Adidas, Gucci, Warner Music Group, Ubisoft, Deadmau5, and Snoop Dogg.
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