British multinational investment banking and financial services holding company HSBC has revealed that it has partnered with blockchain virtual gaming platform The Sandbox. According to the platform’s parent company, Animoca Brands, HSBC is the first global financial services provider to enter the Sandbox metaverse.
HSBC takes a step into the metaverse
Over the past 12 months, Sandbox has attracted a number of companies and celebrities to the blockchain virtual gaming platform. For example, The Sandbox attracted Snoop Dogg, Deadmau5, Atari, The Care Bears, The Smurfs, Gucci, Warner Music Group, Adidas, PWC Hong Kong, Samsung, Square Enix, Ubisoft, and more.
On Wednesday, Animoca Brands and British bank HSBC announced that the companies have signed a partnership agreement and that the global financial services provider will engage with other financial providers and sports communities within the Sandbox metaverse.
“The innovative partnership between The Sandbox and HSBC will see the global financial services provider acquire a share of LAND, virtual real estate in The Sandbox metaverse, which will be developed to engage and connect with sports, esports and gaming enthusiasts.” , says the statement. Ads. in Wednesday’s notes.
The press release highlights a PWC report that estimates the metaverse market will grow from $45.4 billion to $1.5 trillion by 2030. Financial institution HSBC sees significant potential in the metaverse and Web3 in the future.
“The metaverse is how people will experience Web3, the next generation of the Internet, using immersive technologies such as augmented reality, virtual reality and extended reality,” said Suresh Balaji, chief marketing officer for HSBC Asia-Pacific, in a statement. The HSBC executive added:
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 the communities we serve.
Native Token SAND hits 336% against the US Dollar in 12 months
The Sandbox blockchain metaverse has seen tremendous growth over the past year, and according to nonfungible.com’s NFT market tracker, Sandbox is the third largest project in the last seven days in terms of sales, with a weekly volume of 7,000. 6 million dollars. Additionally, the project’s native SAND token has gained 336.2% year-to-date, according to current market statistics.
At the time of writing, SAND’s $3.3 billion market capitalization represents 0.18% of the $1.86 trillion valuation of the crypto economy. Following Animoca Brands and HSBC’s partnership announcement, the SAND gained more than 9% against the dollar on Wednesday.