JPMorgan enters the Metaverse and discloses the future prospects

• Ayushi Abrol
• February 17, 2022

One of the largest banks in the United States, JP Morgan, has claimed to be the first bank in the Metaverse.

 

It means that the customers can do their normal banking operations even in the Metaverse. The banking company has recently opened a lounge, named Onyx Lounge on the blockchain platform on Decentraland. In this virtual lounge, the users can buy virtual land plots using non-fungible tokens and even make other purchases using their cryptocurrencies.

 

However, an interesting thing about this lounge is that the users are greeted by a virtual tiger and an image of the company’s CEO. As the bank released its virtual bank in the Metaverse, there have been a lot of speculations going on. According to a recent report released in the same context, the company has been looking forward to many other such business opportunities it may find in the Metaverse. The report also revealed that there is hardly any infiltrated sector that will not be recognized by Metaverse as the estimated market opportunity may cross 1 trillion dollars annually. 

 

Features of the Onyx Lounge

 

In the newly opened lounge by the banking company, the visitors can create their Avatar by choosing their customizations. It primarily includes choosing gender, skin tones, hairstyles, costumes, and other accessories. It operates in open space which is quite similar to entities like the real world. The users can pay for the expenses using their cryptocurrency wallet and even play as a guest where the information is locally stored. 

 

Advertisement in the virtual world

 

JP Morgan has recently mentioned that they would like to experiment with the best potential opportunities to explore their scope in the Metaverse. A recent report ” Opportunities in the Metaverse” has revealed that the core team is excited to see how marketing and advertising will find new opportunities in the virtual world to get to one of the biggest segments of the Meta-economy. It also looks forward to future opportunities to reach a scale where it would be able to appeal to the global hub and serve millions of customers across the world. 

 

Beyond players such as retailers and wholesalers, there would be innovations and experimentations in segments such as gaming, sports, and gambling from cash to cryptocurrencies. However, the report also emphasized the importance of regulation and framework in place to support the existing taxation system applicable for the Metaverse.

 

According to the sources, the newly launched bank will operate similar to the banking institutions in the real world. It is also because the Metaverse has its own population, GDP, and currencies. It will facilitate foreign payments, cross-border exchanges, the creation of financial assets, and trading. The company has recently conveyed its excitement to learn about the new opportunities for the budding client interest in learning about the Metaverse. It looks forward to building the next technological innovations in the commercial infrastructure sector and discovering potentials for future projects. This is definitely something we have been looking for for quite a while!