Within a few years, you might be able to enjoy banking services in the metaverse. Following in the footsteps of JPMorgan, HSBC has become the latest financial institution to enter the metaverse by acquiring virtual real estate in The Sandbox. The bank will purchase a piece of virtual land that will be developed to attract sports, e-sports, and gaming fans.
Details of the virtual plot have not yet been released, but an image posted on The Sandbox’s blog shows a pixelated plot of land with an HSBC rugby stadium.
“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,” wrote Suresh Balaji, HSBC’s chief marketing officer for the Asia-Pacific region.
After the news broke, $SAND.X, the native token of The Sandbox, gained over 13%, trading at $3.10.
A number of big brands have joined The Sandbox’s metaverse, including Gucci, Warner Music Group, and Ubisoft. JPMorgan entered the metaverse through Decentraland, a rival to The Sandbox. It’s going to be interesting to wait and see how the battle for banking in the metaverse plays out.