- The famous Wall Street bank has a stake in Decentraland, a blockchain-based community. “lounge” opened.
JPMorgan, the largest bank in the United States, is the first bank to enter the metaverse by opening a “lounge” in Decentraland, a virtual world based on blockchain technology. announced.
After this news Decentraland (MANA) The price has risen quite satisfactorily and is trading at $3.19, up over 14 percent at the time of writing.
In addition to announcing that the lounge is called Onyx (the name refers to the bank’s suite of allowed Ethereum-based services), JPMorgan has also published an article in which it talks about how businesses can find opportunities in the metaverse.
Christine Moy, JPMorgan’s head of crypto and metaverse, said in an email:
“Customers have a pretty big interest in learning more about the metaverse. To maximize the full potential of our lives in the Metaverse; We created our whitepaper to highlight what is the current reality and what needs to be built next to maximize the full potential of our technology, business infrastructure, privacy/identity, and workforce, helping our clients strip away unnecessary information.”
With the mainstream adoption of non-fungible tokens (NFT) over the past year, the metaverse spanning everything from immersive gaming, world-building and entertainment powered by integrated trading apps has made breathtaking progress. Samsung opened the Decentraland version of its New York store in January. Barbados also established a metaverse embassy in Decentraland in November.
JPMorgan, to its “methanomics” assessment; that the average price of a virtual parcel of land has doubled in the second half of 2021, and across four major Web 3 metaverse sites (Decentraland, The Sandbox, Somnium Space and Cryptovoxels) He entered by stating that prices jumped from $6,000 in June to $12,000 by December.
“Over time, the virtual real estate market may begin to see services like the physical world, including loans, mortgages, and lease agreements,” the JPMorgan report said. Stating that decentralized finance (DeFi) collateral management can also come into play, the company added that this can be done by decentralized autonomous organizations (DAO) instead of traditional finance companies.
According to the report, which mentions various entertainment providers as well as applications such as RTFKT, a virtual shoe designer recently acquired by Nike, working in the metaverse will also be quite profitable. Another big spend will likely be on advertising, the bank said, citing its projections for in-game ad spending to reach $18.41 billion by 2027.
The JPMorgan article compared the hype surrounding the metaverse to reality, noting that many areas needed improvement. As the world-famous bank areas that need improvement; pointed to overall user experience, avatar performance, and commercial infrastructure.