JP Morgan to enter the metaverse with virtual ‘Onyx’ lounge
Category: #technology  By Pranali Mehta  Date: 2022-02-18
  • share
  • Twitter
  • Facebook
  • LinkedIn
JP Morgan to enter the metaverse with virtual ‘Onyx’ lounge

JPMorgan, an American multinational investment bank, has become the first bank to enter the metaverse, a simulated world based on blockchain technology.

Recently, the investment bank introduced the Onyx lounge and released a report exploring how businesses can find prospects in the metaverse.

According to JPMorgan, there are many clients interested in learning about metaverse, and they are trying to highlight what the present reality is and what requires to be built next in technology, privacy/identity, commercial infrastructure, and workforce for maximizing the complete potential in the metaverse.

In January 2022, electronics giant Samsung unveiled a version of its New York store in Decentraland, and in November, Barbados founded a metaverse embassy.

JPMorgan started its assessment of "metanomics" by pointing out that the normal price of a parcel of virtual land almost doubled in the latter half of 2021, jumping from $6,000 in June to $12,000 by December around the four main Web 3 metaverse sites: The Sandbox, Somnium Space, Decentraland and Cryptovoxels.

As per the JPMorgan report, the virtual real estate market could begin seeing services much more like the physical world in time, including mortgages, credit, and rental agreements. It added that DeFi (decentralized finance) and collateral management could also come into play and that, rather than outdated finance companies, this could be done by DAO (decentralized autonomous organizations).

The report also stated that the metaverse work would also be gainful, highlighting a range of entertainment providers and apps like RTFKT, which is a virtual shoe designer that was recently acquired by Nike.

The JPMorgan’s report illustrated the metaverse hype versus the reality, adding that many areas need improvement. These include the performance of avatars, the overall user experience, and commercial infrastructure.

Source Credit - https://www.businesstoday.in/latest/trends/story/jpmorgan-becomes-worlds-first-bank-to-arrive-on-metaverse-322803-2022-02-16

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Centrica apologizes after debt collectors forced prepay meters on the poor
Centrica apologizes after debt collectors forced prepay meters on the poor
By Pranali Mehta

Centrica, the well-known energy giant and the parent firm of British Gas, has reportedly apologized after a probe found that the firm sent debt collectors to break into the homes of struggling families forcing them to install prepayment meters. An...

National Grid shuts down coal power stations as France raises alarm
National Grid shuts down coal power stations as France raises alarm
By Pranali Mehta

The National Grid has reportedly shut coal plants ordered to fire up on Thursday when the network operator of France raised the alarm about the implications of strike action. Two plants at Drax in Yorkshire as well as one located at West Burton in...

NSW mandates coalminers to set aside 10% of output for domestic users
NSW mandates coalminers to set aside 10% of output for domestic users
By Pranali Mehta

New South Wales, Australia, has reportedly demanded that thermal coal miners must keep aside up to 10% of their production for domestic customers in order to make price cap implications more equal throughout the industry. The decision, which was m...