The ‘land’ is hosted in The Sandbox, a gaming Metaverse
where brands like Warner Music, Atari and Gemini have all picked up plots.
Standard Chartered says this digital real estate—which is
part of The Sandbox’s Mega City district, a culture hub inspired by Hong
Kong—will be used to create “innovative experiences for our clients and the
community”.
“Our involvement in the metaverse allows us to reimagine our
relationship with existing and potential clients on this new platform and our
approach to enhance client journeys,” said Mary Huen, CEO of Standard
Chartered.
“Having acquired virtual land in Mega City, a natural choice
for the Bank given its distinctive Hong Kong theme, perfectly fits with our
promise of strengthening our continued presence in Hong Kong, whether physical
or virtual.”
Standard Chartered becomes the latest bank to show interest
in the Metaverse, following HSBC, which also struck a deal with The Sandbox in
March.
Meanwhile, in the US, JP Morgan Chase bought land in
Decentraland and opened an Onyx Lounge, which even boasts a virtual prowling
tiger.
While banks and big brands are rushing into the metaverse,
it’s not yet clear whether consumers will join with quite the same eagerness.
Analysts at Citibank have predicted that the metaverse could
be worth $13 trillion by 2030, while Mark Zuckerberg has bet the future of his
company on the technology, renaming it to Meta.