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Key Takeaways:
- British multinational banking services organisation HSBC bought land in Sandbox Metaverse.
- The Metaverse aspires to be a multi-hundred billion industry by 2028.
- SAND token eyes a possible uptrend in addition to its 10% intraday value gain.
YEREVAN (CoinChapter.com) – Global banking giant HSBC purchased a virtual land on Sandbox, a metaverse platform, triggering hopes that the association would assist its native token SAND in rallying higher.
What does HSBC gain in the Sandbox deal?
In detail, HSBC’s virtual real estate will be developed to engage and connect with sports, esports, and gaming enthusiasts. The financial service provider called the deal with Sandbox an extension of their Web3 engagement plan and “future of the internet” development.
Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers.
said Suresh Balaji, the Chief Marketing Officer at Asia-Pacific, HSBC.
Also read: EverdreamSoft Plans Launch of Social Hub on The Sandbox, Announces Premium LAND Sale
Meanwhile, experts at Reports and Data estimated the Metaverse market to grow into an $800 billion industry by 2028, adding that the Asian-Pacific region could become the focal point of the Metaverse advancement.
The market in Asia Pacific is expected to register a steady revenue CAGR over the forecast period. Growth of the market in this region is expected to be driven by increasing number of gaming companies focusing on developing metaverse platforms in countries such as China and India.
read the report.
Also read: 77% of U.S. consumers pick blockchain over Facebook-owned metaverse — study.
Furthermore, while Sandbox stood at the forefront of growing Metaverse adoption, its native token SAND bobbed above significant support and consolidated sideways.
Did SAND get the memo?
SAND traded just below $3 in the Asian-Pacific session on Mar. 16, after a nearly 10% intraday price gain in the wake of the announcement. As mentioned, the token consolidated sideways for the previous three weeks. It mostly mimicked bigger players on the field, like Bitcoin (BTC) and Ethereum (ETH).
While the latest HSBC development could boost SAND’s price, more upside cues for the token also come from its technical indicators.
Also read: Will the Metaverse adoption exacerbate mental health issues? Experts chime in.
For instance, SAND’s bullish divergence backs the upside outlook. Notably, the Sandbox token’s price has been moving lower, but its daily relative strength index (RSI) is moving higher, creating a separation between price and momentum.
For the time being, SAND has to conquer a significant resistance that has capped its upside attempts since the Nov. 25 peak at $8.5. Additionally, the trading volumes stayed low, hinting upside exhaustion.
However, the growing adoption and the 10% value advance could inspire SAND bulls to put more weight behind the rally.
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