Keen to be Web 3.0 pioneers, institutions continue to show their interest in virtual worlds. Today, HEB Hana Bank, one of the largest South Korean banks, is entering the metaverse of The Sandbox (SAND). It wants to take advantage of the momentum generated by Web 3.0 to get closer to a younger audience.
KEB Hana Bank enters the metaverse of The Sandbox
A first for The Sandbox (SAND) metaverse: it will be able to host the quarters of one of the largest South Korean banks, KEB Hana Bank. The latter has the largest international network of branches in the world, and operates in sectors as varied as the stock market, asset management, insurance and credit card activities.
Following in the footsteps of JP Morgan (on Decentraland) or the international bank HSBC, KEB Hana Bank will be able to develop its service offering through the successful metaverse of The Sandbox, in particular to get closer to generation Z, according to So Jung Kim, deputy president of the group:
“The metaverse is how people will experience Web3, and we want to be part of this new trend. This partnership can pave the way for a whole new type of service, especially for younger generations.”
The partnership will allow Hana Financial Group to build a space in the K-verse, a place specifically dedicated to Korean content on The Sandbox. The bank will be able to provide basic banking services and promote investments.
Cindy Lee, CEO of The Sandbox Korea, welcomed the exciting news:
“We are excited to see KEB Hana Bank enter the metaverse to create new types of content. This will be the next frontier of easy-to-use ‘metaverse’ banking service for users.”
Metaverses, institutions and businesses
If a recent report issued by Chainalysis is to be believed, the success of plots in the metaverse is unmistakable: where the overall value of real estate has increased by 39%, blockchain-based virtual real estate has seen an 879% increase over the period from September 2019 to March 2022.
An increase that remains to be put into perspective, however, given the ease of access to virtual property, but also due to its novelty, which creates a de facto surge of interest but also increased volatility.
According to the report, the main driver of the success of metaverses is the access to private events and a community system based on non-fungible tokens (NFTs). This is evidenced by the recent sale of plots in the Bored Ape Yacht Club (BAYC) Otherdeed metaverse and its $310 million in revenue.
But these virtual spaces are far from being only of interest to individuals and Web 3.0 aficionados. The biggest companies are also very much involved, like HSBC, mentioned above, but also Axa, Casino, Gucci or Ubisoft, to name only those located in The Sandbox.
The 3 largest metaverses, Otherside, Decentraland and Sandbox, have together sold more than $1.4 billion worth of plots.
One thing is sure: whatever the sector, Web 3.0 now seems inevitable for any company wishing to develop its communication in the coming years.