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Beacon of the Crypto Economy: HSBC Branches Out in The Sandbox

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23 March 2022
Alenka Grealish

The metaverse is mainstreaming faster than the cryptosphere. Onyx by JPMorgan was the first mover in Decentraland with a focus on delivering transaction banking and payments services. On the heels is HSBC which acquired virtual land in The Sandbox (“LAND”) and will be developing an “ESTATE” to engage with a select customer segment of gaming and e-sports enthusiasts.

“At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and for the communities we serve,” Suresh Balaji, Chief Marketing Officer, Asia-Pacific HSBC (fintechnews.hk)

With the current secondary market price for LAND at USD8,000 (see below), experimenting with customer engagement in the metaverse could be far cheaper than micro-targeting digital and physical banking. Celent will monitor the development of HSBC’s ESTATE and report back to you.

Translations

What’s the metaverse?
Merriam-Webster defines the metaverse as "a highly immersive virtual world where people gather to socialize, play and work."

Currently there are numerous virtual worlds, some born out of Web 2.0 (today’s internet that is dominated by platform players, e.g., Google, Meta, i.e., centrally owned and controlled) and others rising from Web 3.0 (ascendant decentralized internet built on the blockchain, i.e., owned and controlled by users). Top Web 2.0 names include Fortnite, Roblox, and World of Warcraft. Ascendant Web 3.0 names include Decentraland (JPMorgan’s choice) and The Sandbox.

For more definitions, please see my blog Web 3.0 and other DeFi-nitions

What is The Sandbox?
One of the top three metaverses built on blockchain technology. It defines itself as a “user-generated gaming platform where creators can create assets and gaming experiences to monetize them on the Ethereum blockchain.” (linkedin)

It comprises “LANDS” that are owned by participants. “LANDS” have value because they allow participants to engage with other participants and monetize experiences. In addition, “LANDS” have value because there will be only 166,464 in The Sandbox. LANDowners are highly diverse, including PwC Hong Kong, Gucci, Snoop Dogg, and now HSBC.

The Sandbox is owned by Animoca Brands .

How does one buy LAND?
If you’re interested in buying LAND go to https://www.sandbox.game/en/ and click on to create an account. You’ll need a crypto wallet and will need to buy SAND and ETH cryptocurrencies before you can shop the primary market for land. The Medium has details. If you’re interested in the secondary market for land, explore https://opensea.io/collection/sandbox where the average price is ~USD8,000 (ETH:USD 3/23/22).