JPMorgan Opens the First Bank in the Metaverse

"The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues."

Since the metaverse erupted into the public consciousness, we have seen a number of firsts. The price of land in currently leading metaverses shocked many, even I was a little taken aback when one week last November saw $4.8m in sales for just two plots of digital land. Nevertheless, I had hoped for strong demand for digital assets and expected a lesser version of the interest we have seen (albeit on a far longer timeline!) What I didn’t expect was JPMorgan to open a lounge in Decentraland.

JPMorgan is Bullish on the Metaverse

The crypto industry as a whole has been on the radar of major banks and hedge funds for some time, but many were hesitant to even publicly discuss the topic. Then, a handful of smaller companies began offering crypto products and the rest of the dominoes have started to fall.

JPMorgan has been one of the largest financial organizations to make multiple statements about crypto, but the metaverse in particular. A recent research paper the bank published is a must-read:

Opportunities in the metaverse: How businesses can explore the metaverse and navigate the hype vs. reality

In this paper, they state “The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues,” citing a report from the ever-brilliant, Grayscale Research.

The Onyx Lounge

Whether it’s for headlines, a genuine stake in a metaverse, or to attract curious customers, JPMorgan has become the first bank into the metaverse, with their Onyx Lounge in Decentraland, which you can visit by clicking here. The name of the property is derived from the bank’s in-house Ethereum-based payment services.

Inside the lounge, pictured in the tweet above, is a pixel portrait of Jamie Dimon, CEO of JPMorgan, as well as a tiger, perhaps representing 2022 being the Year of the Tiger, though I am only guessing.

Christine Moy, JPMorgan’s Head of Crypto and the Metaverse (the fact that position exists is exciting in itself), told CoinDesk that the bank had a lot of interest from clients about the metaverse which is what prompted the above paper.

Final Thoughts

It has been only a matter of months that the metaverse has been a word that the world at large has spoken, and already we’re seeing some of the biggest organizations on the planet getting involved. Crypto is a space that moves at a breakneck pace and yet again, I find myself wondering: where will we be in 12 months from now?

Lead Image by Zack Walker on Unsplash

Robert Baggs
Robert Baggs
Full-time professional crypto writer and Editor of Token Gamer. Co-host of the Mint One Podcast. Obsessed with MMOs. London based. Primary holdings: WAXP, ENJ, & BTC. Secondary holdings: ETH, GALA, & MATIC

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