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 It added that DeFi (decentralized finance) and collateral management could also come into play and that, rather than outdated finance companies, this could be done by DAO (decentralized autonomous organizations).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