Global banking giant Standard Chartered is following other major competitors journeying into the metaverse by partnering with decentralised gaming platform The Sandbox.
The company’s Hong Kong subsidiary (SCBHK) bought space in The Sandbox’s Mega City district, an area announced in January alongside a number of Hong Kong partners from various sectors.
Led by SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, the partnership will seek to “explore co-creation opportunities in this new and exciting space, with the goal of experimenting and building new experiences for clients, as well as bringing the local sports and art communities into the metaverse”.
Partners can join The Sandbox’s metaverse by purchasing ‘LAND’ NFTs, a form of virtual real estate. HSBC was the first global financial services provider to take the plunge with The Sandbox back in March.
JPMorgan was another early adopter, opening a virtual lounge in the Decentraland metaverse in February to tie in with its report on business opportunities in the metaverse.
Alex Manson, head of SC Ventures, said: “For the past few years, we have been building business models in crypto, digital assets and see the rise of the metaverse as a critical milestone in the Web 3.0 evolution. We are excited for this opportunity to explore and innovate in partnership with The Sandbox, but also with our clients and partners who will play a crucial role in how this space develops.”
As it stands, The Sandbox has landed more than 165 partnerships from a diverse array of brands including Adidas, Atari, Care Bears, Snoop Dogg, South China Morning Post and many more. It hopes to build an interactive play-to-earn platform filled with virtual games and social experiences.
So why all the fuss? Well, a recent report from global investment bank Citi has predicted the metaverse will be an $8 to $13 trillion market by 2030.
As Mary Huen, CEO of Standard Chartered Hong Kong, puts it: “The metaverse is a vision for the next phase in the internet’s evolution, bringing new possibilities and unique experiences through the use of immersive technologies.
“Our involvement in the metaverse allows us to reimagine our relationship with existing and potential clients on this new platform and our approach to enhance client journeys.”
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