A major partnership for The Sandbox. The HSBC firm announced that it is entering the metaverse, buying virtual land. What will they use them for?
HSBC joins the world of The Sandbox
The news was announced by The Sandbox, which confirms that HSBC will acquire a piece of land within its metaverse. The bank will use it to connect with players:
“[The parcel] will be developed to interact and connect with sports, e-sports and video game enthusiasts.”
As The Sandbox points out, this is another step toward metaverse adoption: it shows the interest of financial institutions like HSBC in taking advantage of these still relatively new technologies.
And there’s good reason: the metaverse market was already worth $45 billion in 2019, a figure that could rise to $1.5 trillion by 2030.
The Sandbox is increasing its partnerships
The Sandbox has undoubtedly become a big name in the metaverse. The project has signed some prestigious partnerships in recent months. On the gaming side, Ubisoft has recently entered the virtual universe. And the luxury industry has also shown its interest in the domain: Gucci bought a plot of land last February.
We also note the arrival of several French companies, including the insurance company AXA France, or the supermarket group Casino.
Currently, the project’s native token, SAND, is ranked third in terms of capitalization against its metaverse competitors. It is preceded by Axie Infinity’s AXS and Decentraland’s MANA, which have similar market caps according to data aggregator CoinGecko.