The Sandbox, a metaverse gaming platform known for its virtual real estate, has sold digital land plots to 11 new partners including the Regal Hotel and Standard Chartered, as more business groups tap into gamification to meet the interest of clients. Regal Hotels has become the first Hong Kong-listed property group to invest in virtual land in the so-called Mega City , a Hong Kong-inspired cultural hub within The Sandbox. Last December, Adrian Cheng Chi-kong , the third-generation scion of conglomerate New World Development, also invested in a plot in Mega City in a personal capacity. Property developers and banks are taking a punt on metaverse gaming platforms such as The Sandbox, a subsidiary of Animoca Brands , with the view that avatars and in-game assets minted with non-fungible tokens (NFT) can help them test-drive new business ideas and fast-track ESG (environmental, social and governance) goals. Luxury and consumer brands rush into the metaverse for their pots of gold Regal Hotels, one of the largest hotel operators in the city, plans to establish a green “metropolis” and sell up to 100 green hotel and residential units in the form of NFTs, after its virtual project completes, expected in October. “[There are surveys] which show that more travellers are preferring eco-friendly accommodation. So we are engaging Hong Kong residents to adopt this [trend] both online and offline to transit to a net zero world by 2050 ,” said Poman Lo, vice chairman of Regal Hotels at a press briefing on Monday, referring to the Hong Kong government’s pledge to achieve carbon neutrality. The company did not disclose the size of the plot or the price tag paid. Lo said that the metaverse, blockchain and tokenisation can help the company achieve its goal of “fostering a sustainable community to transition to a net-zero carbon emission world”. Times Square mall looks to metaverse to lure shoppers amid downturn The metaverse refers to an immersive, three dimensional online universe created by the convergence of physical, augmented and virtual reality. The metaverse addressable market could be worth up to US$13 trillion by 2030, Lo said, citing recent research by Citigroup. Apart from potential business opportunities, the metaverse and NFTs would enable the group to test out customer demand for eco-friendly hospitality services, said Lo. Standard Chartered has also invested in a plot in Mega City. Led by its venture arm SC Ventures, it intends to explore opportunities “with the goal of experimenting and building new experiences for clients”. “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,” said Alex Manson, head of SC Ventures. HSBC, JPMorgan testing the waters on metaverse as more customers go digital Last November, a plot on The Sandbox sold for a record US$4.3 million to Republic Realm, a New York-based firm that develops real estate in the metaverse. With more than 19,000 land owners, which also include the city’s MTR Corp and HSBC, the plots and NFTs enable the owner to “build stories, adventures and experiences and publish them on their own land,” said Sebastien Borget, co-founder and chief operating officer for The Sandbox at Monday’s briefing. “Land value [is akin to] real estate value in the real world, as it will be attached to the business model,” said Borget. “The return on investment [for the owner] is derived from the difference between the cost of acquiring or renting your land, and the revenue or business purposes achieved.” Other new partners also include Ocean Park , which has invested in a 36-hectare plot to promote conservation education to visitors to its virtual theme park, said chief executive Ivan Wong. Half of the revenue generated from land sales will go to The Sandbox’s foundation, Borget said, which funds programmes through grants and incentives for content creators to support growth of its ecosystem. The other half would contribute towards The Sandbox’s own top line. Chinese broadcaster Shandong Television plots NFT, metaverse, blockchain initiatives The Sandbox will launch a new land sale on April 28 for people to invest in virtual land plots in the vicinity of the 11 partners. Borget said the company is also planning a similar Mega City launch in the Philippines and Thailand, but did not give a timeline.