HSBC Bank has its say and enters the world of metaverse through the sandbox platform

The international banking and financial services company (HSBC) announced a partnership with the Sandbox platform to enter the virtual world of the metaverse. This partnership is considered one of the largest investments for the second largest financial bank entering the virtual world through the Sandbox platform.

According to the sandbox platform

HSBC Bank purchased a plot of land on its virtual platform, and the site includes an image of a sports stadium bearing the HSBC brand and a welcome center, with the aim of communicating with its users interested in sports. HSBC is moving quickly into the metaverse world. Last month, HSBC partnered with the Sandbox platform to form a group of financial giants that will move to work in the Web3 environment.

Web 3 will shape the organizations and business models of the Internet economy. Making the Internet open, inclusive and safer for everyone. Financial companies will purchase NFT's to open the door to virtual business partnerships on the web3.

Some brands, such as Ubisoft, Snoop, and Dogg, have already begun to enter the commercial metaverse with financial assets amounting to $3 trillion. Only a short period had passed since the giant American bank (JP Morgan) created the first virtual space within the (Decentraland) platform, until this news came to confirm the strength and future of the metaverse field, as well as the interest of financial institutions in entering it. HSBC Bank has gained a good reputation through its offices spread in more than 65 countries such as: Asia, North Africa, and the Middle East.

Coinciding with the company's announcement of its intention to expand its commercial business and enter the world of the metaverse. Web3 fans are eagerly awaiting HSBC's future plans in the metaverse. This partnership will provide more investment opportunities in the virtual world in the future and on a global level.

What is The Sandbox platform? Sandbox is a gaming platform for building a decentralized virtual world, built on the Ethereum blockchain network. The Sandbox platform uses a digital currency called (SAND), which is the basis for transactions between people in the metaverse world so that they can play, prove their ownership rights, vote, trade, and profit within the platform.

The sandbox also allows the creation of digital assets (NFTs) and hosting events based on its virtual land within the platform. Owning land on the sandbox platform gives you many privileges, such as: hosting games. Play and explore (dioramas).

Staking SAND currency in a designated area of ​​land with the aim of making money. Leasing land for money. Hosting competitions and offering prizes.

Brand names that will work with the Gucci sandbox. Ubisoft. Deadmau5.

Warner Music Group. The Walking Dead. Snoop Dogg.

CryptoKitties. Adidas. The metaverse economy is on the rise. The metaverse market is expected to grow to reach $1.5 trillion by 2030, according to what was recently announced.

HSBC generated revenue of $12 billion in the fourth quarter of 2021 and $49.6 billion in revenue for the full year. Animoca Brands has raised approximately $700 million in total capital. It is worth mentioning that (Animoca Brands) is the parent company and owner of the Sandbox platform.

It also participates in the platform in developing everything related to the blockchain network and games, whether through creating its own projects or through investment and partnerships with strong projects. HSBC shares rose by 2% coinciding with the bank's announcement of its partnership on the Sandbox platform. And rose

10% non-fungible digital token (SAND) for the Sandbox platform. In this regard, Sebastien Bourget, Director of Operations and Co-Founder of the Sandbox Platform, said: “We are pleased to see highly credible financial institutions such as (HSBC) joining the world of the metaverse through our platform, seeking to build the Web (Web3), and opening a world of opportunities for existing and new clients and the various communities to which we will provide our services.

This investment will also allow for the creation of an innovative brand for existing and new customers and the partnership with Animoca Brands will create comprehensive educational experiences available to everyone. We also believe that this is a fruitful beginning for the application of Web 3 and the virtual world of the metaverse by reputable organizations that have a brand and seek to build a new ecosystem in the world.”

The metaverse field will see further development and growth in the next few years. This is due to the tendency of giant financial institutions to invest in virtual lands, such as the investment of HSBC and JP Moragen in the metaverse The Sandbox and Decentraland, respectively. You may be interested in reading: Secrets of unique NFT digital assets that will make you earn money once you acquire them