Wall Street banking giant JPMorgan has just reached the metaverse. The financial institution announced this Tuesday (15) the opening of a new lounge in Decentraland, a virtual world based on blockchain.
The new location was called the Onyx Lounge, a reference to the bank’s suite of ETH-based services. With the initiative, JPMorgan claims to be the first company in the banking sector to enter the metaverse
JPMorgan enters the metaverse
Alongside the announcement, JPMorgan released a report exploring how companies can find opportunities in the metaverse.
Furthermore, the report highlights the increase in the market value of Metaverse tokens since Facebook announced its name change to Meta late last year.
“We see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari and others,” the company noted in the report.
As JPMorgan pointed out, the arrival of companies in the metaverse has favored virtual real estate on several platforms. The bank has estimated that the average price of metaverse land has doubled in a six-month window in 2021.
“It jumped from $6,000 in June to $12,000 in December in the top four Web 3.0 metaverses [Decentraland, The Sandbox, Somnium Space e Cryptovoxels]” said the bank.
According to the bank’s analysis, this growth will result in the formation of digital economies. At the same time, financial products focused on the metaverse will become increasingly necessary.
“There is a lot of customer interest in learning more about the metaverse,” Christine Moy, head of crypto and metaverse at JPMorgan, told CoinDesk. “We designed our white paper to help clients cut through the noise and highlight what the reality is today and what needs to be built into technology, business infrastructure, privacy/identity and workforce in order to maximize the full potential of our lives. in the metaverse.”
According to the report, supply and demand dynamics are pushing more people into the “metaeconomy”. This, in turn, will require the development of new skills. Likewise, it should generate new ways of earning money.
After all, people will have to develop and build the products that are consumed in the virtual world. As the bank highlighted, this will establish great opportunities for the creative economy:
“Over time, the virtual real estate market may begin to see services similar to the physical world. This includes credit, mortgages and lease agreements,” the report noted.