Standard Chartered Bank buys land from The Sandbox, ways into the metaverse game

Standard Chartered Bank has develop into the hottest main financial institution to join the metaverse in the encounter of the oppressive heat it brings to traders.

Standard Chartered Bank announced on April 26 that its subsidiary, Standard Chartered Bank Hong Kong Ltd. (SCBHK), has partnered with The Sandbox (SAND) – the well-liked blockchain gaming platform produced by giant Animoca Brands.

As a outcome, Standard Chartered announced that it was the initially financial institution to obtain virtual land in The Sandbox’s Mega City undertaking, a Hong Kong-inspired cultural hub. The initiative is led by SC Ventures, the investment, innovation and venture arm of Standard Chartered Group.

Through its partnership with The Sandbox, Standard Chartered aims to check and create new purchaser experiences, as nicely as deliver regional sports activities and arts communities to participate in the metaverse. Alex Manson, head of SC Ventures, mentioned:

“We have built many business models in the cryptocurrency world over the past few years and see the rise of the metaverse as an important milestone in the evolution of Web3.”

Of program, Standard Chartered is not the initially financial institution to phase foot into the metaverse. In March of this yr, the market place noticed lots of other big banking institutions and money companies companies officially enter the fray, which includes JPMorgan, HSBC and Fidelity Investments.

HSBC grew to become a single of the initially worldwide banking institutions to participate in the metaverse on The Sandbox, by way of the obtain of land to engage with money services companies and the sports activities neighborhood. Meanwhile, heavyweight JPMorgan took an sudden flip when they opened a virtual workplace in Decentraland (MANA), the platform that Fidelity also chose to remain on.

However, latest statistical reviews demonstrate that curiosity in the metaverse has plummeted following a cycle of hype fueled by Facebook’s title modify to Meta. The volume of transactions in the virtual globe decreased by twelve% in contrast to the fourth quarter of 2021, reaching more than $ 430 million in the initially quarter of 2022. Since then, the normal price tag of land in Decentraland and Sandbox has plummeted by forty%, even though the volume of transactions on each platforms decreased by twenty% and 60% respectively.

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