metaverse, standard chartered, the sandbox

British multinational banking and financial services company Standard Chartered has become the latest major corporation to embrace the metaverse by purchasing a virtual plot of land.

A Hong Kong-based subsidiary of the London finance firm has acquired virtual property in a district in The Sandbox, a decentralised metaverse platform, known as Mega City.

The move was led by the venture capital arm of Standard Chartered, SC Ventures, with the goal of providing unique virtual experiences to clients.

The metaverse is a catch-all term for virtual worlds accessed by virtual or augmented reality headsets that has been touted as the next version of the internet.

“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,” said Mary Huen, chief executive of Standard Chartered Hong Kong.

“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 perfectly fits with our promise of strengthening our continued presence in Hong Kong, whether physical or virtual.”

Alex Manson, head of SC Ventures said: “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 Web3 evolution.

Corporate interest in the metaverse has skyrocketed since Facebook rebranded as Meta in October last year. It has also spurred an increase in recruitment for metaverse-related jobs.

Standard Chartered join the likes of HSBC, JP Morgan, and Adidas, in buying up virtual property acquisitions in The Sandbox.

The Centre for Finance, Technology and Entrepreneurship published a report that showed virtual land transactions in The Sandbox reached £267m last year, with a further £84.2m being spent on the second-largest metaverse platform, Decentraland.

Those figures, while undeniably large, could be just a fraction of the finances in the metaverse, according to investment bank Citi, which projected the metaverse economy to be worth as much as $10tn by 2030.

TECH NEWS RELATED

Loco launches ‘Legends’, India’s first NFT platform for esports

ETtechGame streaming and e-sports platform Loco is set to launch a new platform that will allow fans to own and trade e-sports collectibles through non-fungible tokens (NFTs).The platform, Loco Legends, will partner with 50 of India’s most popular e-sports teams and allow fans to buy and trade in virtual collectibles, ...

View more: Loco launches ‘Legends’, India’s first NFT platform for esports

Roe v. Wade Overturn Has Women Health Tracking Tech Pushing for More Privacy

In reaction to the Supreme Court’s verdict that struck down the constitutional right to abortion, developers of period trackers and fertility apps are working on ways to anonymize user data. Health Tracking Apps Start Consumer Privacy Measures Due to Roe v. Wade Overturn A lot of women today use tech apps ...

View more: Roe v. Wade Overturn Has Women Health Tracking Tech Pushing for More Privacy

[RUMOR] Apple Set to Launch New M2 Mac Mini Models, Apple TV, iPhone 14, and More

Bloomberg’s Mark Gurman revealed to the world what he thinks to be the most ambitious phase of Apple’s goods in its history. According to Gurman, the majority of these changes are on their way. Four iPhone 14 variants, three Apple Watch varieties, multiple Macs with M2 and M3 CPUs, the company’s first mixed-reality ...

View more: [RUMOR] Apple Set to Launch New M2 Mac Mini Models, Apple TV, iPhone 14, and More

Former YouTuber Lindsay Ellis says she’s learning to live with the trauma of being ‘canceled’

ANAHEIM, Calif. — The last time Lindsay Ellis addressed her fans on YouTube was eight months ago. Not long after that, she quit the platform, and Twitter, for good.  At the time, the science fiction author felt like it was the right choice, and perhaps the only choice, after ...

View more: Former YouTuber Lindsay Ellis says she’s learning to live with the trauma of being ‘canceled’

The rockstars of Minecraft are giving teens something to root for online

ANAHEIM, Calif. — Without as many traditional Internet A-listers as years past, VidCon, an annual social media conference for creators and their fans, seemed unusually quieter this year.   That is, unless you were at the Dream SMP panel on Thursday.  Two hours before the group, made up of Minecraft ...

View more: The rockstars of Minecraft are giving teens something to root for online

Best phone gimbals 2022

Source: DJI Best phone gimbals iMore 2022 Moving even a little while shooting video with your phone leads to shaky, unusable footage that no amount of optical image stabilization will correct. Whether you’re filming with a new iPhone 13 or an older model phone, you need a gimbal. As a ...

View more: Best phone gimbals 2022

Huawei MatePad Pro series tablets pass 3C certification

Huawei is still in its fight to resist the smartphone business despite all the sanctions against it. Although there are some challenges in the smartphone business such as conquering users with Google-less devices and also finding a way to offer 5G, the company’s smartphones keep coming. Meanwhile, the company also ...

View more: Huawei MatePad Pro series tablets pass 3C certification

You Can Get Free Wi-Fi Anywhere in the World. Here's How

No internet at home? No problem. Here's how to get online in any place.

View more: You Can Get Free Wi-Fi Anywhere in the World. Here's How

‘Overwatch’ Will Stop Working When Its Sequel Arrives This October

Michael Burry, Mark Cuban, and Paul Krugman Share Thoughts on Crypto Market Crash

New study shows why it’s actually good to drink a beer a day

BIS Asia Chief: TerraUSD Implosion Is Proof Stablecoins Can’t Function as Money

Apple expected to launch new HomePod in 2023

Editor's Desk: How Apple's VR/AR headset could change the game and why it probably won't

Netflix releases: Everything coming and going the week of June 26th

LGBTQ+ community warned of extortionists abusing dating apps

Ant Group Recruits Risk Management Veteran to Help With Reorganization

Facebook Watch App Discontiued, No Longer Accessible on Apple TV

'Deepest Shipwreck Discovery': Explorers Find WW2 Navy Destroyer Below the Pacific

Spotify Now Uses Your Listening Habits to Find Concert Tickets

OTHER TECH NEWS

Top Car News Car News