The Commercial Real Estate (CRE) market has adapted to thousands of changes over the last decade, and it has prevailed. So what’s next on the horizon? The Metaverse that allows simulated plots of land to be purchased as a way to entice potential investors!
The Metaverse is a network of 3D virtual worlds focused on social connection – it’s the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality devices. The metaverse is how individuals will experience the next generation of the Internet, so it’s a wise decision to continue to expand further into the CRE mainstream. It’s all about creating a digital-first experience for all users, and HSBC is doing the right thing by dipping into the virtual property market earlier than later.
With a large portion of the world dipping into the Metaverse pool, also formerly known as Facebook, it’s safe to say that the platform will quickly become prevalent in numerous CRE closing deals. Leading the charge is the banking giant HSBC – Hong-Kong based bank HSBC has announced that it would join the metaverse through the Sandbox platform. The bank will be an innovator in the field of purchasing a plot of land in the digital universe, with the main focus being on sports, e-sports and gaming.
After HSBC announced it would be joining the Sandbox, the platform’s native cryptocurrency, SAND, jumped more than 11% on Wednesday to $3.01. The token was priced at about $2.96 as of Wednesday afternoon, still up 9%.
HSBC is following in the footsteps of JP Morgan who has set up a large virtual presence in the Metaverse with a blockchain-based Decentraland. The American bank giant has already opened a lounge space in a virtual mall, hoping to increase their profits through attracting a newer audience.