Hex Trust has ventured into the metaverse and purchased an ‘Estate’ in The Sandbox’s recent LAND sale in the Web3 Zone. The Sandbox is an open metaverse that enables individual digital ownership and is made up of LANDS, which are parts of the world, owned by players to create and monetize experiences. Players can create, purchase, and trade these virtual items which are represented as non-fungible tokens (NFTs) which also include avatars and in-game items.
Purchasing Estate in the Sandbox has proven to be incredibly popular recently with a number of leading blockchain companies such as Binance, Gemini, and CoinMarketCap owning large estates. Multinational corporations such as PwC purchased land recently in addition to traditional real estate development companies such as Hong Kong’s Sun Hung Kai & Co. Celebrities have also been quick to purchase estates, most famously Snoop Dogg.
Hex Trust is pioneering metaverse and NFT custody and recently announced a joint venture with Animoca Brands, whose subsidiary is The Sandbox. The joint venture is building institutional digital asset wallets and financial services for online gamers. Hex Trust will provide its highly secure digital asset wallet technology and custody infrastructure to connect seamlessly with Animoca Brands’ blockchain-based games to support the growth of the rapidly expanding GameFi ecosystem. Animoca Brands was also Hex Trust’s lead investor from the previous funding round which raised US$10 million.
We recently integrated custody support for LAND in Hex Safe, our fully licensed and secure digital asset custody platform which provides the industry’s widest range of digital asset support including cryptocurrencies, security tokens and NFTs. The integration enables institutional investors and high net worth individuals the ability to store their LAND assets with Hex Trust, instead of having to store these expensive virtual land assets in online wallets such as Metamask, which exposes security and hacking risks. Additionally, on top of providing custody services for LAND, Hex Trust is creating services to buy and sell LAND, as well as innovative financing solutions including leasing LAND assets and ‘virtual mortgages’.
Hex Trust is currently designing the plans for the Estate and will announce further details shortly. Other notable companies which purchased LAND in the recent Web3 Zone sale include eToro, the world’s leading social trading company. On February 10th 2022, The Sandbox will hold a Web3 LAND sale that will allow users to purchase LAND next to Hex Trust and the other projects. These estates can be seen on the virtual world map on The Sandbox.
“There were many important reasons why Hex Trust entered The Sandbox and purchased an Estate. Firstly, we truly believe the metaverse is the future and the ability to own real estate in the game is an opportunity we couldn’t overlook. Additionally, we want to demonstrate our commitment to the metaverse, GameFi and NFTs, as we pioneer custody in this fast-growing sector. We’re providing custody services for LAND, brokerage services giving institutional investors the ability to buy and sell these virtual land assets, and financial solutions such as virtual mortgages. We look forward to working closely with The Sandbox and building our own experience in the game. Truly having an ownership stake in a decentralized metaverse is a concept we believe is critical to mainstream adoption for years to come.”