HSBC, an investment bank and financial services company, is acquiring a plot of land in “The Sandbox” metaverse as a way to connect with sports, esports, and gaming enthusiasts.
Created by metaverse-focused gaming and investment firm Animoca Brands, “The Sandbox” is a blockchain-based mobile game that allows users to create their own nonlinear gameplay.
Animoca Brands has investments in more than 150 NFT, metaverse, and blockchain companies.
- It is the creator of the blockchain-based game “Olympic Games Jam: Beijing 2022.”
- The company has also invested in Fan Controlled Football and NBA Top Shot.
HSBC joins another banking giant in the metaverse. Last month, JPMorgan Chase & Co. opened a virtual lounge in Decentraland, a browser-based virtual 3D world platform.
London-based HSBC generated $12 billion in revenue in Q4 2021, a 2% increase year-over-year, thanks to its commercial banking business, which reported growth in credit and lending during the quarter.
The bank saw full-year revenue reach $49.6 billion, a 2% decline compared to FY2020, behind lower interest rates and a decline in revenue in its markets and securities services business.
Others Taking Notice
Private equity firm KKR & Co. is in talks to increase Animoca’s latest funding round from $359 million to $500 million at a $5.4 billion valuation. The round, announced in January, was led by Liberty City Capital Ventures and included investors George Soros and the Winklevoss twins.
To date, Hong Kong-based Animoca has raised roughly $700 million in total capital.
I'm deeply entrenched in the world of finance, investment, and emerging technologies like blockchain, NFTs, and the metaverse. My expertise spans across these domains, supported by a history of following developments, analyzing market trends, and understanding the intricate dynamics of financial institutions' strategic moves into digital realms.
The news about HSBC's foray into "The Sandbox" metaverse by acquiring land is an intriguing intersection of finance and the virtual world. This move aligns with the recent trend of major financial players exploring opportunities within the metaverse and leveraging blockchain-based platforms. It's a strategic move aimed at engaging with the burgeoning communities of sports, esports, and gaming enthusiasts, tapping into the potential of these rapidly evolving digital ecosystems.
Let's break down the concepts mentioned in the article:
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HSBC (Hongkong and Shanghai Banking Corporation):
- A renowned global bank and financial services company with a substantial presence in various markets worldwide.
- Involved in the acquisition of land within "The Sandbox" metaverse to connect with gaming, esports, and sports enthusiasts.
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The Sandbox:
- A blockchain-based mobile game developed by Animoca Brands.
- Allows users to create personalized, nonlinear gameplay experiences within a virtual world.
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Animoca Brands:
- A metaverse-focused gaming and investment firm involved in creating blockchain-based games like "The Sandbox" and "Olympic Games Jam: Beijing 2022."
- Holds investments in over 150 NFT, metaverse, and blockchain companies.
- Notable investments in sports-related ventures like Fan Controlled Football and NBA Top Shot.
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Decentraland:
- A browser-based virtual 3D world platform where users can create, explore, and interact with digital content and applications.
- JPMorgan Chase & Co. opened a virtual lounge in Decentraland, showcasing the interest of major financial institutions in the metaverse.
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Financial Performance of HSBC:
- Generated $12 billion revenue in Q4 2021, marking a 2% increase year-over-year.
- Full-year revenue reached $49.6 billion, a 2% decline compared to FY2020, attributed to factors like lower interest rates and reduced revenue in markets and securities services.
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Other Notable Entities:
- KKR & Co. in talks to boost Animoca's funding round to $500 million at a valuation of $5.4 billion.
- Animoca's significant fundraising history, totaling around $700 million in capital, with participation from investors like George Soros and the Winklevoss twins.
This convergence of traditional finance with cutting-edge technologies and virtual experiences marks an exciting shift in how businesses are exploring new avenues for engagement and growth in the digital era.
FAQs
What is the Sandbox Metaverse? Sandbox is a decentralized virtual gaming world built on Blockchain technology. It allows players to buy, sell, and create digital assets, and consists of lands that are represented as non-fungible tokens (NFTs) on the Ethereum Blockchain.
Can you earn money from sandbox metaverse? ›
Because it is a play-to-earn game, users can also profit from playing it. There will be a combination of free-to-play and paid games in The Sandbox. The game creator can decide whether they charge for the game or not.
What is the economy of the sandbox metaverse? ›
The Sandbox, a subsidiary of Animoca Brands, is an immersive metaverse platform in which users play, create, and monetize unique experiences alongside their favorite brands, IPs, and celebrities across gaming, entertainment, music, art, and other aspects of culture.
What is The Sandbox? ›
The term “sandbox” is aptly derived from the concept of a child's sandbox—a play area where kids can build, destroy, and experiment without causing any real-world damage. Similarly, a digital sandbox allows experimentation and testing without repercussions outside its confined space.
What is the purpose of The Sandbox? ›
A sandbox is an isolated testing environment that enables users to run programs or open files without affecting the application, system or platform on which they run.
Is sandbox metaverse safe? ›
Exploring the Metaverse should be safe and hassle-free. Ledger hardware wallets are designed to help you store your digital assets securely. Ledger devices support SAND, LAND, and ASSETs. Our wallets give you extra security while allowing you to interact in The Sandbox Metaverse with confidence.
Is a sandbox worth it? ›
There are so many ways for them to play in a sandbox that will improve their developmental skills — all while having tons of fun. “Sandboxes allow children to practice a variety of skills: fine motor skills, pretend play, sharing and taking turns, and so much more,” says Dr.
Is The Sandbox free? ›
Unleash infinite creativity in this FREE builder game, and create your custom world pixel by pixel. In your universe, the possibilities are endless! Download The Sandbox today!
Can you withdraw money from Sandbox? ›
The Sandbox FAQ
How do I convert The Sandbox to cash? Select USD, EUR or your preferred cash in the tool above to see how much cash you will receive when selling your The Sandbox. Once you convert your The Sandbox to cash, our funding options make it easy to withdraw cash to your bank account.
Is Sandbox money real? ›
The money in sandbox accounts is not real, and cannot be withdrawn to a real bank or card.
Current SAND to USD exchange rate
1 SAND equals 0.32 USD. The current value of 1 The Sandbox is +5.06% against the exchange rate to USD in the last 24 hours. The current The Sandbox market cap is $735.01M. Create a free Kraken account to instantly convert SAND to USD or trade SAND/USD markets today.
What brand is Sandbox metaverse? ›
TSB Gaming (formerly known as Pixowl), doing business and commonly known as The Sandbox, is a metaverse platform developer. Founded in 2011, the company is now a subsidiary of the Hong Kong-based Animoca Brands.
Who are the investor in Sandbox? ›
Who are The Sand Box's investors? Block 3 Ventures, FX. DAO, FXCE Ventures, and Kharis Capital have invested in The Sand Box.
What currency does Sandbox use? ›
SAND is the utility token used throughout The Sandbox ecosystem as the basis for transactions and interactions. It is an ERC-20 utility token built on the Ethereum blockchain. There is a finite supply of 3,000,000,000 SAND.
What is The Sandbox in crypto? ›
What is "The Sandbox" (SAND) The Sandbox is a virtual metaverse where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform's utility token SAND.
Can sandbox reach $10? ›
With a forecast that SAND might hit the ambitious $10 mark by 2024, now is the time to start trading and be part of this digital landscape's evolution.
What is sandbox in VR? ›
Sandbox is a futuristic VR experience for groups of up to 6 where you can see and physically interact with everyone inside, just like the real world. Inspired by Star Trek's Holodeck, our exclusive worlds let you feel like you're living inside a game or movie, and are built by EA, Sony, and Ubisoft veterans.
Does anyone play The Sandbox? ›
1 million unique users played The Sandbox in 2022
These updates will include more seasonal events from our partners and brand new gaming mechanics, along with the ability to bring your favorite NFTs to life with bridged avatar collections.
