HSBC has continued its digital growth with the announcement that it has purchased virtual real estate in the metaverse.
The banking giant follows a host of well known firms in expanding into the metaverse – with JP Morgan and Samsung previously purchasing digital real estate.
Suresh Balaji, Chief Marketing Officer at HSBC Asia-Pacific, commented on the move: “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.”
Nonetheless, the fundamental difference between HSBC’s venture into the digital space and that of their rivals is that the British bank collaborates with the Sandbox metaverse as opposed to Decentraland.
Commenting on the move, Sebastien Borget, Chief Operating Officer and Co-Founder of The Sandbox, emphasised how pleased the group is to be linked with HSBC.
He went on to underline just how significant it is to have a firm like HSBC embracing the metaverse and the culture of Web3 while becoming an integral part of the sandbox space.
The metaverse and the digital space it encompasses continues to evolve and integrate into the operations of various companies
Delivering a presentation to the Digital City Expo in Manchester, Mike Blake-Crawford underlined that ‘the appetite for the metaverse is being driven by the pursuit of economic growth’.
Highlighting where the growth in the metaverse lies, he outlined that ‘human desire for ownership is already driving the metaverse opportunity’, adding that ‘digital fashion and virtual experiences are not dependent on behaviour change – these act upon desire that we already have’.
In a widely lauded presentation, he also underlined that the metaverse is something that we have already embraced – a process that is additionally accelerated by the growth of gaming digitalisation of the payments and finance sector.
Expert Analysis: The expansion of finance firms onto the metaverse is only likely to evolve and increase in prevalence as it becomes a home for innovation and efficiency within the growth of tech firms.