JPMorgan Claims To Be The First Bank In The Metaverse

Lutfi

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Rancakmedia.com – RanBank of the United States JPMorgan claims to be the first bank in the world to dive into the metaverse. JPMorgan established its branch office in Decentraland, a blockchain-based virtual environment.

JPMorgan's Ethereum-based banking service, Onyx, inspired the name of the virtual office. Metaverse is something that many of our clients are curious about, according to Head Cryptocurrency And The Metaverse JPMorgan, Christine Moy.

JPMorgan also produced research entitled 'Opportunities in the metaverse. It was recorded that the average price of a piece of virtual land doubled during the second half of 2021, from US$6 thousand (around Rp. 85,9 million) in June to US$ 12.000 (around Rp. 171,9 million) in December.

“Today, the virtual real estate property market is beginning to infiltrate similar real-world services, from loans to rental agreements,” JPMorgan said in the paper.

JPMorgan recognizes the importance of having institutions finance which enables trading of crypto assets across multiple platforms, including the metaverse, as interest in blockchain adoption grows worldwide.

In other areas, since January the electronics giant Samsung has also set up a branch in Decentraland. From the government realm, Barbados, a country in the Caribbean Islands, has even displayed its embassy in cyberspace since November last year.

JPMorgan Becomes First Bank In Metaverse

JPMorgan joined the metaverse and became the first bank to create a virtual space in blockchain-based Decentraland. There, users can acquire plots of land in the form of NFTs and transact using cryptocurrencies powered by the Ethereum network.

JPMorgan's in-house blockchain payments system has been named “Onyx Lounge,” according to bank reports. The organization also discusses the types of business possibilities that can be found in the Metaverse. JPMorgan enters the Metaverse with virtual Decentraland see in the following article.

In January, electronics giant Samsung inaugurated its New York store in Decentraland. Not only that, in November, Barbados also established a metaverse embassy in Decentraland.

The average price of virtual land has quadrupled from $6.000 in June 2021 to $12.000 in December 2021. Sandbox, Somnium Space, and Cryptovoxels were all affected, as were Decentraland and The Sandbox.

Conclusion

JPMorgan Chase claims to be the first bank in the world to dive into the metaverse. The bank's virtual office is located in Decentraland, a blockchain-based virtual environment.

Users can acquire plots of land in the form of NFTs and transact using cryptocurrencies powered by the Ether network. The average price of a virtual plot of land has quadrupled from $6.000 in June 2021 to $12.000 in December 2021.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.