JP Morgan is first bank to enter the metaverse with a virtual ‘Onyx lounge’
JP Morgan, the world’s largest bank, has become the first lender in the metaverse, opening the Onyx lounge in Decentraland. The virtual lounge is the banking giant’s first foray into the metaverse. Oynx is the name of JP Morgan’s permissible Ethereum-based services suite.
On Tuesday, J.P. Morgan launched a “Onyx lounge” in the metaverse, a virtual lounge in the blockchain-based world of Decentraland. Oynx is the name of JP Morgan’s permissible Ethereum-based services. The virtual lounge bears the same name, and it allows institutions and businesses to access the metaverse.
Users in Decentraland can purchase virtual plots of land in the form of NFTs using cryptocurrency backed by the Ethereum blockchain. On Twitter, users described their experiences in the Onyx lounge, mentioning a picture of CEO Jamie Dimon and a tiger lurking nearby. In addition, the company published a paper outlining the opportunities it is investigating in the metaverse.
JP Morgan is first bank to enter the metaverse with a virtual 'Onyx lounge' – USA TODAY https://t.co/SW0ylaSqMN
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JPMorgan stated that there is a lot of client interest in learning about the metaverse, and they are attempting to highlight what the current reality is, as well as what needs to be built next in technology, commercial infrastructure, privacy/identity, and workforce to maximise the full potential of our lives in the metaverse, according to an email from the bank to CoinDesk.
According to the report, J.P. Morgan can operate as a bank in the metaverse in the same way that it does in the real world, because the metaverse’s virtual worlds have their own population, GDP, and currencies. It can facilitate cross-border payments, foreign exchange, financial asset creation, trading, and safekeeping in the same way that a bank can.
JPMorgan stated that there is a lot of client interest in learning about the metaverse, and they are attempting to highlight what the current reality is, as well as what needs to be built next in technology, commercial infrastructure, privacy/identity, and workforce to maximise the full potential of our lives in the metaverse, according to an email from the bank to CoinDesk.
The company also wishes to assist content creators who intend to commercialise their creations in the metaverse, whether by lending money to finance them or by establishing virtual wallets through which they can collect commission.
