The first bank in the Metaverse

JPMorgan opened a salon in the Decentraland metaverse. The company named the digital marketplace after its Onyx blockchain platform. The bank made a presentation of the lounge area in the Metajuku shopping center. The company also presented its analytical review of business opportunities this market sector opens up.

Forward to the future!

JPMorgan is the first financial company that is presented in the virtual world. The bank is confident that in the near future the metaverses will cover all sectors of the economy. The potential of this segment is extremely high. JPMorgan representatives assume that in the future it’ll be able to generate up to trillion annually.

At the moment, spending on virtual goods around the world is about billion per year. In 2021 the average price of a virtual piece of land in the metaverses jumped several times.

JPMorgan predicts that ad expenses in this market segment will rise to .5 billion by 2027. The bank's experts believe that a digital economy will emerge in the near future, so the introduction of financial products focused on the metaverse is a matter of time.

The landscape of the virtual space has components that work in parallel with the already existing directions of the world economy. JPMorgan experts are confident that the core competencies of the bank, related to the creation of financial assets, their storage and trading, will be in great demand in the metaverses.

At the moment, in the virtual version of the financial company, visitors have the opportunity to purchase digital land plots through NFTs, as well as make other purchases using cryptocurrencies.

Are traditional banks necessary in the metaverse?

The metaverse segment is now in its infancy. JPMorgan is well aware of this. However, the bank sees huge financial opportunities in every pixel of the virtual universe.

For example, visitors will be able to buy clothes for their online avatar. At the same time, they’ll have the opportunity to choose the products they need in the digital showroom.

In the metaverses, you can open your own business. For example, an art gallery that exhibits the best works. Anyone can purchase them by paying for the purchase with digital currency.

A good idea would be to open a private club. It’ll be great to gather people united by common interests and have a good time together, exchange information or trade digital goods and cryptocurrencies.

The space of the metaverses must be comfortable. A close connection between the virtual world and the real one is necessary, so the presence of a flexible financial ecosystem is an indispensable factor in the development of the metauniverse industry.

Each virtual world has its own population, GDP, in-game currency and digital assets. The same rules apply here as in the real economy.

A bit about Decentraland

The Decentraland metaverse, in which JPMorgan opened its first banking office, deserves special attention. It’s a decentralized virtual reality platform. It consists of 90.5 thousand land plots.

In this metaverse, users have the ability to create content and monetize it. All digital real estate and even visitor nicknames are represented as NFTs. You can buy them for the MANA virtual currency, which is based on the Ethereum blockchain. The purchase of NFTs takes place in the OpenSea marketplace or directly within the metaverse itself.

The platform was launched in the winter of 2020. The non-profit Decentraland Foundation is the one to supervise it.

Within the metaverse, settlements are regulated by two tokens:

  1. M.A.N.A. A digital currency that facilitates the purchase of virtual goods, services and land.
  2. LAND. Non-playable token (NFT). Used to determine ownership of virtual real estate.

The idea of ​​creating a metaverse belongs to Ari Meilich and Esteban Ordano. They’re the ones who registered the Decentraland Foundation, which was developing the platform. Initially, the virtual world was two-dimensional. The metaverse was later converted into a 3D platform.

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