Thursday, September 29, 2022

JPMorgan Floats Virtual Lounge in a Grand Metaverse Entry

U.S based investment bank, JPMorgan has launched a virtual lounge dubbed ‘Onyx’ on the metaverse. A paper was released on Tuesday to inform the general public of the opportunities that the bank is currently exploring in the virtual world platform.

The ‘Onyx’ lounge was floated on Decentraland, which utilizes the Ethereum (ETH) blockchain. In Decentraland, users can acquire plots of land virtually as NFTs and make payments via the Ethereum ledger using cryptocurrencies.

JPMorgan is the first bank to navigate its way to the metaverse so far and the investment bank plans to play a crucial part in the metaverse. The opportunities currently being explored by the bank will cut across both brands and individual consumers.

The location of the ‘Onyx’ lounge is a virtual mall known as Metajuku mall, a virtual imitation of the Harajuku shopping area in Tokyo. Twitter users have been making comments and sharing pictures of what the lounge looks like.

A picture of a roaming tiger and a portrait of the CEO of JPMorgan, Jamie Dimon was posted as what the entrance of the lounge resembles. 

Opportunities in the Metaverse

The paper titled ‘Opportunities in the Metaverse’ reports that in the virtual world, JPMorgan can still make transactions like a regular physical bank since the metaverse has features such as population, currencies, and gross domestic product (GDP) which supports and facilitates such transactions.

The bank can still carry out identical functions, it can facilitate cross-border transactions, create financial investments, foreign exchange, and trading. Validation of accounts, update of transaction status, and security against cyber theft are parts of the benefits it plans to extend to its users like in the real world.

JP Morgan is looking at creating a platform for content creators that wishes to monetize their content in the metaverse. This could be done either by loaning out funds as financiers to the content creators or by creating virtual wallets which will serve as a collector for commission generated.

Not forgetting how strategists from the financial institution had recently declared Bitcoin’s fair value at $38,000, a laudable proclamation. And now, a virtual lounge might imply that JPMorgan is extending its foothold in the blockchain ecosystem.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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