British Bank HSBC Buys Land in the Metaverse

British bank HSBC is following JPMorgan’s example, claiming its stake on the metaverse with a land purchase.

Companies are racing to stake their claim on the metaverse, the confluence of virtual, augmented, and in-person reality. According to Reuters, HSBC has purchased a virtual plot of land in the metaverse, specifically in The Sandbox.

This follows JPMorgan opening its first virtual location in the metaverse in mid-February. HSBC has been cutting its in-person locations, announcing it would close an additional 69 branches in Britain.

HSBC hopes its digital purchase will help it better engage with its customers and sports fans in the metaverse, as well as “create innovative brand experiences for new and existing customers.”