Finance News

JPMorgan becomes first major bank in the metaverse, opens lounge in Decentraland

JPMorgan has become the world’s first bank to set up shop in the metaverse. The largest bank in the US has opened a lounge in the blockchain-based world Decentraland.

Metaverse is a virtual universe where users can do multiple activities like socialising, shopping or even attending events through their avatar. The most popular metaverses are Decentralad, The Sandbox, Cryptovoxels, and Somnium Space. In just six months in 2021, the average price of a parcel of virtual land doubled to $12,000 from $6,000,

In Decentraland, one of the most popular metaverses, the bank's Onyx lounge resides in Metajuku, a virtual version of Tokyo's Harajuku shopping district.

While the definition of the metaverse is loose, it's generally considered to be a virtual world where people can interact, attend events, and explore, as digital avatars of themselves.

JPMorgan's new footprint in virtual real estate coincided with the bank's release of a white paper on opportunities in the metaverse — a market which it said could eventually generate $1 trillion in annual revenues.

Hype around the metaverse jumped after the company formerly known as Facebook rebranded to Meta as a sign of its push into virtual worlds, JPMorgan said, noting the price of tokens backing metaverses like Decentraland, the Sandbox, and Somnium Space surged following the announcement. Other companies, such as Microsoft and Nike, have also sought to capitalize on metaverse potential.

Date: 16.02.2022 [ID: 368]

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