With a projected market size of $800 billion by 2024, the metaverse is slated to become the next big thing in technology. Another relevant estimate is that 10,000 jobs will be created in five years thanks to this virtual universe.
We have seen a parade of brands from various industries land in the metaverse, and now it is the turn of the financial institutions as American Express and HSBC have unveiled their plans for the virtual ecosystem that everyone is talking about.
Payments giant American Express (Amex) has filed trademark applications for its logos and items, including the Centurion Black Card and the “Shop Small” program . Amex is also looking to participate in virtual payments and electronic business transactions for digital media and non-fungible tokens (NFTs) .
Amex applications come as traditional finance and large corporations increasingly aim to increase their exposure to the metaverse. Financial JPMorgan recently opened a lounge at Decentraland and published a paper exploring how companies can find opportunities in the burgeoning metaverse .
For its part, HSBC with almost 3 billion in assets, will be the first global bank to enter The Sandbox metaverse , according to the blockchain gaming company . The bank will buy land in The Sandbox , which it will develop to engage with sports, esports and gaming fans, according to a statement.
Details of HSBC’s development in the virtual arena were not announced. A promotional GIF that was released alongside the statement showed an HSBC stadium next to a virtual body of water. The bank sees “great potential” in creating “new experiences across emerging platforms ,” Suresh Balaji, HSBC Asia-Pacific Marketing Director , said in the statement.
The partnership with The Sandbox will allow the bank to “create innovative brand experiences for new and existing customers,” he added.