Leading virtual world The Sandbox has announced a partnership with HSBC, one of the largest financial institutions globally. According to a press release, HSBC has acquired a land plot in The Sandbox. This is the bank’s first foray into the web3 space and the metaverse.
The move towards web3 will allow HSBC to create stronger bonds with its sports partners. The press release details that the financial behemoth is looking to launch numerous brand awareness campaigns. The main focus of these events will be on gaming, esports, and decentralized play-to-earn opportunities.
According to Suresh Balaji, HSBC’s Chief Marketing Officer for Asia-Pacific, web3 will bring the next evolutionary stage in the online and digital space. Consequently, HSBC is excited to become part of this growing space. This will open up a new way to interact with its customers and partners in the metaverse.
Most importantly, the financial institution will look to build immersive experiences, which will bring both entertainment and education to users. For the moment, The Sandbox has not disclosed the area or location of the HSBC plot. However, it won’t be surprising to see a spike in the valuation of its neighboring lands.
We’ve already seen the market respond to the announcement. The value of the native SAND token shot up 9.29% in the past 24 hours. It is now reaching $2.94 per token.
What is more, The Sandbox platform has also seen a boost in activity over the past seven days. According to DappRadar data, the virtual world saw close to 90% more unique active users. This in turn increased the number of transactions the platform’s smart contracts processed by more than 78%.
The Sandbox is building an infinite list of partners
HSBC is not the first major name to partner up with The Sandbox. The virtual world has become a leader in the web3 and metaverse space. This rise in popularity has attracted numerous successful partnerships, both with individuals and with brands.
Among the most notable collaborations is Snoop Dogg, who has built a whole estate in The Sandbox. The Snoopverse has attracted a lot of attention, and the rapper has also decided to launch an NFT avatar collection in collaboration with the virtual world.
Other prominent partnerships include one with sportswear brand Adidas, a deal with Warner Music Group, and collaboration with the NFT project World of Women. The Sandbox also focuses on gaming through partnerships with brands like Atari and The Walking Dead.
Web3 embraces blockchain gaming
The gaming space is steadily becoming one of the most significant segments of the blockchain industry, and platforms like The Sandbox are pioneering this growth. According to the latest DappRadar and Blockchain Game Alliance report, about 49% of all blockchain activity in February came from gaming dapps.
What’s more, virtual worlds are generating significant trading activity. In February alone, virtual worlds generated $129 million in trading volume, with The Sandbox securing close to 30% of that total.
In this sense, HSBC’s step into the metaverse seems like a sound investment. The web3 space is steadily gaining momentum, and virtual worlds are becoming the new standard for hosting global events and campaigns.
DappRadar will continue monitoring the metaverse, as virtual worlds like The Sandbox attract institutional partners like HSBC. If you want to learn more about the web3 space and blockchain gaming, check out the official DappRadar Top Blockchain Games Ranking. Additionally, you can follow DappRadar on Twitter to learn the latest web3 and blockchain gaming news first.
