JPMorgan Launches The First Bank In Decentraland

The JPMorgan bank debuted in the Metaverse as Onyx Lounge. So, now you can go to Onyx Lounge in Decentraland. One of the world’s premier financial organizations, JPMorgan, has made a major first step toward becoming the first bank in the Metaverse. As far as we know, blockchain-based world Decentraland is now home to the bank’s virtual lounge.

Details About The Lounge and Report of JPMorgan in Metaverse

The “onyx lounge” got its name after the bank’s in-house blockchain payment system. You can find JPMorgan’s virtual bank at Decentraland’s Metajuku mall. When stepping inside the lounge, people can see the bank’s CEO Jamie Dimon picture on the wall, as well as a roaming tiger. In addition, a presentation about the digital asset sector might occur if guests continue their tour of the lounge.

Furthermore, the bank also produced a report during the lounge’s debut. Regarding the study, it details the business options available in the Metaverse. According to the paper, the Metaverse is likely to generate over $1 trillion in annual income, impacting every human industry. According to some statistics, virtual products are already worth $54 billion a year.

Following more, digital products and services will no longer be captive to a single gaming platform or brand. This will happen if we combine the democratic ownership economy with the prospect of interoperability. On the other hand, virtual land in Decentraland and The Sandbox appreciated. According to JPMorgan, they increased from $6000 to $12000 between June and December last year. Interestingly, Facebook announced that it was renaming itself as Meta to concentrate more on the Metaverse at this time. Traditional institutions were more interested in the space after this decision of Facebook.

According to the JPMorgan analysis, the wave of institutional adoption we’ve been experiencing will accelerate general acceptance of the Metaverse. In addition, Adidas, Nike, and Samsung have all entered the market. This is a positive sign for a bright future.

The Concerns of JPMorgan Regarding The Metaverse World

As there are positive sides to the Metaverse, the bank notes some areas to be further enhanced. These key sectors include technology, commercial infrastructure, privacy and identification, future workforce and regulation, taxation, accounting, and social infrastructure. In addition, avatar performance and user experience are two of the most pressing concerns in the Metaverse at the moment. Regulations and taxes will also need to be addressed as the sector becomes more widely accepted.