JPMorgan, the largest US bank, said it became the first lender to arrive in the metaverse byhas opened a lounge in Decentraland which is a virtual world that uses blockchain technology
The bank announced Tuesday it will open a new lounge in Decentraland, dubbed “Onyx Lounge,” a blockchain-based world where users can create virtual spaces and roam freely.
The bank claims to be the first in the banking industry to enter the metaverse, a vast area of different virtual worlds.
“There are a lot of customers interested in learning more about the metaverse,” Christine Moy, head of crypto and metaverse at JPMorgan, said in an email. what And what needs to be built next in technology, commercial infrastructure, privacy/identity and employees. to maximize the potential of our lives in the metaverse.”
JPMorgan points out that the average price of virtual land It has doubled in the second half of 2021, rising from $6,000 in June to $12,000 in December across four major metaverses: Decentraland, The Sandbox, Somnium Space and Cryptovoxels.
“Later, the virtual real estate market may begin to see a range of real-world services, including credit, mortgage and leasing deals,” the JPMorgan report said, adding that collateral management, decentralized finance (DeFi), could also took the role and replaced the traditional financial company This can be done by a decentralized autonomous organization (DAO).
The report states that working in the metaverse would be helpful. by pointing to multiple entertainment providers Like apps like RTFKT, a virtual shoe designer recently acquired by Nike, the bank said another big spend would be advertising. It cited forecasts that in-game ad spending will hit $18.41 billion by 2027.
“We believe that the virtual reality genre that exists (each virtual world with population, GDP, in-game currency and digital assets) have components that are parallel to the existing global economy,” according to the bank. “This is where our long-standing core competence in international payments, foreign exchange, financial asset creation. In addition to the consumer base of our size can also play an important role in the metaverse.”
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