Stephanie Douse 
HSBC, one of Europe’s major banks has declared its desire to purchase a virtual plot of LAND within The Sandbox. According to The Sandbox, the new partners will create opportunities for users to interact with sports, esports, and gaming enthusiasts.
According to reports, the banking behemoth will focus on financial literacy and education “work with our sports partners, brand ambassadors, and Animoca Brands to co-create informative, inclusive, and accessible experiences,” said Suresh Balaji, HSBC’s Asia-Pacific Chief Marketing Officer.
This agreement comes at a time when many financial institutions are eliminating physical branch locations as a result of the pandemic-accelerated migration to digital banking.
Mathieu Nouzareth, the newly hired U.S. CEO of The Sandbox, spoke with Cointelegraph about his vision for banking in the metaverse.
“Financial literacy is a major obstacle to building healthier, more equitable financial futures. The gaming component of The Sandbox is ideally suited for engaging customers and curious onlookers about important financial concepts in an interesting and novel way.”
He went on to say that he wants to engage with a “generation that is used to connecting with a wide range of businesses and experiences on digital platforms.” Also, financial institutions should not fall behind other interactive brands and service providers who are striving to innovate in the metaverse.
Banks and brands in the metaverse
HSBC will join over 200 other partnerships working in the metaverse, according to Animoca Brands, the parent company of The Sandbox. Warner Music Group, Adidas, and Ubisoft are among the prominent brands that have collaborated with The Sandbox.
HSBC, on the other hand, isn’t the first bank to venture into the metaverse. JPMorgan Chase & Co. became the first large bank in Decentraland last month, when it established a virtual lounge in its metaverse. By 2030, the worldwide metaverse market is expected to be worth $1 trillion.
The Sandbox founder Sebastien Borget recently spoke about the company’s push for decentralization, interoperability, and creator-generated content. “It’s crucial to us that the stuff you own or create in The Sandbox may be transferred to other open metaverses and vice versa,” he explained.