Banking firm HSBC has acquired a portion of video game company The Sandbox, dipping its toes into the metaverse universe.
“The metaverse is how people will experience Web3, the next generation of the Internet — using immersive technologies like augmented reality, virtual reality and extended reality,” said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific.
The acquisition is part of the company’s strategy to increase engagement with sports, esports, and gaming aficionados.
HSBC is just one of many major companies that have begun making moves to enter into the metaverse, joining the likes of Adidas, Gucci, Warner Music Group, and many others.
According to Mathieu Nouzareth, CEO of The Sandbox US, the partnership signifies the “rapid maturation” of the metaverse and expects that other major financial firms will follow in their footsteps.
“As metaverse adoption expands further into the mainstream, we’re only going to see a broader spectrum of brands investing in the metaverse to create digital-first experiences that engage both new and existing customers,” said Nouzareth.
