HSBC metaverse fund will be under the bank's asset management. HSBC recently purchased virtual land in the Sandbox. The reason why the Sandbox was chosen is to compete with JPMorgan that launched a branch in Decentraland.
The new metaverse fund is aimed to appeal to high net worth clients in Hong Kong and Singapore. The fund will focus on infrastructure, virtualization, experience and discovery, interface and computing.
Lina Lim, the Regional Head of Discretionary and Funds for Investments and Wealth Solutions, Asia Pacific, at HSBC said. "The metaverse ecosystem, while still at its early stage, is rapidly evolving.
"We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem."
Metaverse Market Value
Citi is estimating the metaverse economy to reach $13 trillion by 2030. Many new metaverse projects are being released, striving to penetrate the market at an early stage.
Although HSBC did not disclose what projects it may consider investing in, Yuga Labs metaverse may certainly be among the monitored projects.
Details on the 'Otherside' metaverse platform are expected to be announced in April 2022. The platform will make use of BAYC NFT's, powered by ApeCoin (including staking).
While no details were disclosed, Yuga Labs is well-known in the crypto world. As many high net clients have invested in Yuga Labs, its metaverse gaming platform may attract the attention of institutions that are investing in similar projects.
The second market that may be considered is Asia. While there are numerous projects targeting the Asian market, Gemie will strive to bridge between Asian celebrities and their fans.
Gemie has already partnered with popular artist management companies (including K-pop celebrities) as well as movie production firms. The company is still at its early stages after raising $3.8 million in February.
Many metaverse brands are targeting Generation Z.
