March 18, 2022

HSBC has bought a plot of virtual real estate in an online gaming space called The Sandbox.

The move will allow HSBC to engage with sports, e-sports, and gaming fans through its new acquisition in The Sandbox.

With its new acquisition, HSBC hoped to be able to “create innovative brand experiences for new and existing customers,” in its virtual world.

While HSBC is increasing its presence in the digital space, the company is decreasing its presence in the physical world. The company confirmed it would cut a further 69 branches in Britain as its customers move online.

The Sandbox is a virtual space mainly owned by Hong Kong-based Animoca Brands.

Users in metaverse environments like Animoca’s The Sandbox can conduct different virtual activities. This includes buying lands, walking around as avatars, playing games, and meeting new friends.

In the virtual space, land can be bought in the form of non-fungible tokens.

For more information, read the original story in Reuters.