Standard Chartered

Standard Chartered acquires land in the Metaverse

Standard Chartered becomes the latest bank to show interest in the Metaverse

UK investment bank Standard Chartered has acquired a plot of virtual land  at The Sandbox metaverse’s Mega City district.

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 will be used to create “innovative experiences for our clients and the community”.

Alex Manson, head of SC Ventures, Standard Chartered, says:

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“For the past few years, we have been building business models in crypto, digital assets and see the rise of the metaverse as a critical milestone in the Web 3.0 evolution. We are excited for this opportunity to explore and innovate in partnership with The Sandbox, but also with our clients and partners who will play a crucial role in how this space develops.”

Meanwhile, in the US, JP Morgan Chase bought land in Decentraland and opened an Onyx Lounge, which even boasts a virtual prowling tiger.

Mary Huen, chief executive of Standard Chartered, Hong Kong said:

“The metaverse is a vision for the next phase in the internet’s evolution, bringing new possibilities and unique experiences through the use of immersive technologies. 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.

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.”

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.