JPMorgan Enters Decentraland Metaverse with Onyx Lounge
JPMorgan, one of the leading banking institutions in the US, has ventured into the metaverse by launching its virtual lounge in Decentraland for Onyx, its blockchain-based platform for exchanging value, information, and digital assets. The bank aims to create a flexible financial ecosystem that seamlessly connects the physical and virtual worlds.
The Onyx lounge in Decentraland features a digital roaming tiger and an image of Jamie Dimon, the Chairman and CEO of JPMorgan. As the first banking institution to join the metaverse, JPMorgan plans to play a significant role by providing a streamlined payment infrastructure. The bank believes that the success of building and scaling in the metaverse relies on having a robust and flexible financial ecosystem.
In addition to the launch of the Onyx lounge, JPMorgan has also released a research report that helps businesses navigate and explore the opportunities in the metaverse. The report highlights the potential for businesses-to-consumer and business-to-business interactions in the metaverse. JPMorgan’s head of crypto, Christine Moy, stated that the white paper was created to cut through the noise and provide clients with a clear understanding of the current reality in the metaverse.
The report emphasizes that the metaverse offers opportunities in various market areas. It mentions the growing demand for virtual real estate, which has led to a doubling in prices across leading metaverse platforms. The bank also predicts the rise of services that use digital goods or assets as collateral for virtual land and property mortgages. These services could be provided by decentralized autonomous organizations (DAOs).
JPMorgan also highlights the potential for gig workers in the metaverse economy. However, the report acknowledges that there are still key areas that need further development to fully harness the potential of the virtual world.
The concept of the metaverse has gained significant attention, especially after Facebook’s rebranding to “Meta” and its $10 billion investment in developing the metaverse. Many renowned companies, including Nike, Walmart, Verizon, and McDonald’s, are recognizing the metaverse as the next big thing that could revolutionize human interactions. McDonald’s, for example, has filed trademark applications for virtual food and beverage products, restaurants, concerts, and events in the metaverse.
