HSBC to Make Metaverse Debut With Virtual Gaming Partnership

HSBC to Make Metaverse Debut With Virtual Gaming Partnership

HSBC Holdings Plc is making its debut in the metaverse after buying a site in a virtual world aimed at sports, esports and gaming enthusiasts. 

The lender is acquiring a space in The Sandbox metaverse to engage with its sports-focused users, according to a press release Wednesday, which featured an image of an HSBC-branded sports stadium and welcome center.

“Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers,” said Suresh Balaji, HSBC’s chief marketing officer for Asia-Pacific, in a statement. 

The London-headquartered bank joins Wall Street giant JPMorgan Chase & Co. in dipping its toe in the metaverse. JPMorgan’s virtual lounge in the browser-based Decentraland greets visitors with a digital portrait of Jamie Dimon and a roaming tiger, followed by a presentation on the crypto economy.

The Sandbox is a blockchain-based mobile game consisting of a map of virtual lands which can be bought, sold and digitally built upon. Other firms including Gucci and Warner Music have also partnered with the platform, according to a blog post by the firm, which is a subsidiary of Animoca Brands.

©2022 Bloomberg L.P.