JPMorgan Chase, the nation’s largest bank, announced that it is the first lender to enter the metaverse, a blockchain-based virtual world.
According to Coindesk, JPMorgan is the first lender to enter the metaverse, a blockchain-based virtual world.
JPMorgan launched the Onyx lounge and a whitepaper on how businesses can identify opportunities in the metaverse.
There is a lot of client interest in learning about the metaverse, and JPMorgan is attempting to highlight the current reality and what needs to be done next in technology, commercial infrastructure, privacy/identity, and workforce to maximize our lives in the metaverse.
In January, Samsung opened a Decentraland store, and in November, Barbados opened a metaverse embassy.
JPMorgan notes that the average price of a parcel of virtual land on the four major Web 3 metaverse sites: Decentraland, The Sandbox, Somnium Space, and Cryptovoxels increased from $6,000 in June to $12,000 in December.
According to a JPMorgan research cited by CoinDesk, “virtual real estate may eventually see services such as credit, mortgages, and rental agreements.” It was noted that decentralized finance (DeFi) and collateral management could be used instead of traditional finance organizations (DAO).
According to a JP Morgan article cited by CoinDesk, the metaverse will be profitable as well, citing entertainment providers and apps such as RTFKT, a virtual shoe designer recently acquired by Nike.
Several areas, according to the JPMorgan study, require improvement. Examples include overall user experience, avatar performance, and commercial infrastructure.