JP Morgan becomes first bank to join metaverse Decentraland (MANA)

JP Morgan opened its salon in the metaverse

On the occasion of the publication of a report on the study of metaverses, JP Morgan opened a new metaverse room in Decentraland (MANA). This is more accurate thanOnyx, its blockchain division what it is, which makes it that first major bank with a “foothold” in this industry.

This illustrates the group’s desire to seize new Web 3.0 opportunities, the report begins by developing this vision:

“We’re not here to suggest that the metaverse, as we know it now, take all human interactions, but examine many exciting opportunities it presents for consumers and brands. »

In fact, according to JP Morgan’s forecasts, advertising spending will weigh $ 18.41 billion by 2027 in this sector. The bank also observes that the prices of the lots are up double in 6 months last year, it increased from an average of $ 6,000 in June to $ 12,000 in December for four major blockchain metaverses: Decentraland, The Sandbox, Somnium Space, and Cryptovoxels.

So it’s a market that takes this promise, where it sees real -world services double that of this digital universe:

“Over time, the virtual real estate market may begin to see services similar to the physical world, including credit, lending and rental.»

The Wall Street giant also saw businesses thrive there, especially around digital consumables in the form of non-fungible tokens (NFT) with attractions to personalize avatars.

👉 To move forward – Metaverse: understanding these virtual worlds based on blockchain and NFTs

An enthusiastic blockchain bank

JP Morgan was not in the first blockchain test and it was beyond the metaverse. The most bizarre fact is the creation of the Onyx division with the release of JPM Coin. the JPM Coin is a dollar denominated stablecoin to facilitate cross-border business payments. The group also offers, since last year, an investment service in some cryptocurrencies at the request of the client.

Obviously, if such news is positive for our ecosystem, we need to know keep a critical mind. It remains above all business and financial interests (even if there is nothing wrong with that). In addition, the group’s position on banking vis-à-vis crypto-assets often lacking consistency and it is not the founder of Uniswap who would say otherwise.

However, if there is still a long way to go before reaching the metaverses way Ready Player Onebig companies have anything good and real understand the evolving opportunities with this new industry and instead put their paws in these universes.

👉 Read also: Gucci joins The Sandbox (SAND) to provide metaverse experiences

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About the Author: Vincent Mayor

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I was embarrassed to discover the world of the blockchain at the end of 2018 during my search for financial freedom. Initially invested in moderation, it was only two years ago that I gambled betting on everything in the movement that had formed before. I dedicate 2021 to training myself better to gain more knowledge and seriousness. As I’ve always wanted to say: I still have a billion things to learn. And what I know, I want to share with you.
All articles by Vincent Maire.

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