INSUBCONTINENT EXCLUSIVE:
HSBC buys virtual plot of land in digital pushHSBC is buying a plot of virtual real estate in an online gaming space called The Sandbox for
an undisclosed sum, the bank's first major foray into the metaverse as it shrinks its UK branch network.The digital push will enable HSBC to
engage with sports, e-sports and gaming fans via its slice of turf in The Sandbox, a virtual space majority-owned by Hong Kong-based Animoca
Brands.Its venture into the virtual world comes as the British-based lender slashes its footprint in the real world, announcing on Tuesday
it would cut a further 69 branches in Britain as its customers move online.HSBC is the second global bank to invest in a popular metaverse
platform after JPMorgan last month set up a presence in blockchain-based Decentraland.The U.S
bank opened a lounge space in a virtual mall, featuring a digital portrait of Chief Executive Jamie Dimon, after earlier in February
publishing a report on "opportunities in the metaverse".Some $54 billion is spent annually on virtual goods, the U.S
bank said in its report, double the amount spent on buying music
Assets such as land can often be bought in the form of non-fungible tokens (NFTs).Users in metaverse environments like Animoca's The Sandbox
can buy land, walk around as avatars, play games and meet friends.Facebook recently changed its name to "Meta" to signal its commitment to
the metaverse concept.HSBC said it hoped to be able to "create innovative brand experiences for new and existing customers," in its virtual
world.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
