The Sandbox, a gaming platform launched on the Ethereum blockchain to leverage non-fungible tokens (NFTs) and cryptocurrencies, has become the center of attraction for big brands venturing into the metaverse.
As a result, the price of its native token, SAND, has started rising again. Today, for example, saw the price of SAND jump 10% to trade at $2.97 after the HSDC bank and American celebrity Paris Hilton choose The Sandbox for their metaverse debut.
However, SAND still remains 65% below the all-time high it set in November 2021.
HSBC partnership with The Sandbox
This morning, HSBC, Europe’s second-largest bank, announced its new partnership with The Sandbox platform.
HSBC aims to buy some virtual plots of LAND on The Sandbox that can be used by the bank’s customers to create gaming activities and build different esports.
In a prepared statement HSBC’s Asia-Pacific branch chief marketing officer Suresh Balaji said:
"Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers…. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible."
Animoca Brands Company has been the one behind the success of The Sandbox and has invested a lot in gaming and cryptos. The main difference between The Sandbox and the other popular platforms like Minecraft or Roblox is that in The Sandbox, players can customize the platform designs, avatars, and objects, and virtual land plots can also be bought or sold.
Paris Hilton featured on The Sandbox SXSW concert
On Tuesday night, Paris Hilton, an American celebrity, also initiated her partnership with The Sandbox in this year’s SXSW festival concert that was held virtually by The Sandbox.
In a press release she said:
"I am a huge believer in the metaverse and the way web3 technologies are empowering creators, gamers, and artists…It's such an important movement and community that I'm proud to be a part of. I can't wait for people to see what amazing experiences The Sandbox and I bring together to the metaverse."
The rising metaverse adoption among corporations
The rising popularity of metaverse within the virtual world has attracted major corporations. A good example is Facebook which was rebranded to Meta by the Zuckerberg social media empire with the desire to own metaverse.
Other brands like Red Bull, Walmart, Nike, McDonald’s are also filling trademarks with terms like ‘NFTs’ and ‘cryptocurrencies’ for use in virtual worlds, where their metaverse is likely to be tokenized.
We have also seen major celebrities and companies venture into the metaverse either by creating virtual headquarters or minting and selling NFTs.
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