HSBC, a British investment bank, has purchased a virtual land in The Sandbox as part of its commitment to prepare for the next generation of the Internet. Although the price of the deal remains undisclosed, the bank will build on its virtual land products for esports and gaming enthusiasts, a blog announcement says.
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"The agreement opens the door for other global institutions to continue innovating in Web3 as consumer adoption demands more robust experiences in the metaverse through decentralized and gamified offerings," The Sandbox said in the announcement.
The British banking giant joined popular Italian fashion brand Gucci which recently also purchased a virtual land in The Sandbox project's metaverse. The acquisition of the land gives the fashion brand a way to build an interactive communication experience within the experiential space Gucci Vault, which has been created by creative director Alessandro Michele and is focused on the Generation Z.
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