Sandbox announced in an announcement published today that HSBC, one of the world's largest banks based in the UK, has purchased a plot in the virtual world to operate in the Metaverse area. Details about what kind of activity HSBC will give in the Metaverse area have not been shared yet.
Suresh Balaji, HSBC Asia-Pacific region marketing manager, said that the bank has great potential to create new experiences with emerging platforms. In this context, Metaverse is seen as a new opportunity for existing and potential customers.
Sandbox, a subsidiary of Hong Kong gaming company Animoca Brands, came to the fore in November last year by raising $93 million in a funding round led by SoftBank Vision Fund 2.
In addition to being included in HSBC's Sandbox platform, giant companies such as Ubisoft, Warner Music Group and Gucci are among those who prefer Sandbox to enter the Metaverse field.
Sandbox co-founder and COO Sebastien Borget said that the interest of giant companies like HSBC in Metaverse is an important step in Web3 adoption.
Metaverse, which has a close relationship with the crypto money markets, has been facing intense interest from corporate companies since last year. Today, the total market value of Metaverse tokens in the crypto ecosystem appears to be $ 24 billion. The average daily trading volume of total crypto assets in the industry is around $ 2.5 billion.
Decentraland (MANA) is the industry's largest crypto asset with a market cap of $4.2 billion. Sandbox is in second place with a market value of 3 billion dollars.
The native token of the Sandbox platform, SAND, has seen a 7 percent increase in value today, reaching the limit of $ 3 after starting the week under $ 2.7. On the other hand, after the Sand token hit an all-time high of $ 8.48 in November 2021, it entered a downtrend with the general market and declined to the $ 2.5 band in the process.