JPMorgan’s Lounge in the Metaverse

The first bank to set up shop in the metaverse is JP Morgan. A lounge in Decentraland, a blockchain-based community has been set up by the largest bank in the United States.

Overview:

  • Users can create virtual avatars and rooms, and travel in the ‘Onyx Lounge,’ of the Ethereum-based services it offers.
  • A digitized image of the bank’s CEO, Jamie Dimon, is also displayed in the lounge.
  • A report describing the metaverse’s growth opportunities has also been published by the bank. The bank wants to take advantage of the metaverse by establishing a virtual presence.
  • As a lot of people including celebrities are creating their virtual identities in the metaverse, the bank feels that this is a perfect time to get a hold in the virtual world.
  • The advent of blockchain technologies and cryptocurrencies has also opened up new monetizing avenues for designers in the virtual world.
  • The real estate market in the virtual world is growing with digital lands being highly sought after.
  • JPMorgan also feels that the metaverse is evolving at a pace that makes it impossible for businesses to develop a business plan around it. Nonetheless, the bank wants to avoid the risk of being left behind and thus, has opened its shop in the metaverse.

About Metaverse

The Metaverse is a virtual world where users through their avatars can do things like shop, socialize, and even attend events. As augmented reality (AR) and virtual reality (VR) headsets are getting more pocket-friendly, the two technologies have joined to provide an improved user experience.

About JPMorgan Chase

JPMorgan Chase is the United States’ largest bank, the world’s largest bank in terms of market capitalization, and is the 5th largest in terms of total assets owned. It was founded in 2000 and is headquartered in New York. Jamie Dimon is the CEO and Chairman of this bank.

About Decentraland

It is a browser-based 3D virtual world platform. Users can use the MANA cryptocurrency. This cryptocurrency is based on the Ethereum blockchain and can be used to purchase virtual plots of land in the platform in the form of NFTs. The Decentraland Foundation manages this 3D world and opened it to the public in February 2020.

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