Metaverse News

JPMorgan Becomes The First Bank To Enter Into The Metaverse

JPMorgan, the largest bank in the U.S., recently announced it has become the first lender to move into the metaverse after recently opening “The Onix Lounge” in Decentraland. JPMorgan also released a paper exploring how businesses can discover opportunities in the metaverse space.

“There is a lot of client interest to learn more about the metaverse,” said Christine Moy, Head of Crypto and the Metaverse at JPMorgan. “We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity, and workforce, in order to maximize the full potential of our lives in the metaverse.”

Work in the metaverse will be gainful, according to JPMorgan’s paper, pointing to a range of entertainment providers, as well as apps like RTFKT, a virtual shoe designer recently acquired by Nike. Spending will also be dedicated towards advertising, the bank said, citing a prediction that in-game ad spending is set to reach $18.41 billion by 2027.

The JPMorgan paper also attempted to illustrate the metaverse hype versus the reality, stating that many areas are in need of improvements. This includes the overall user experience, the performance of avatars, and commercial infrastructure.

(All information was provided by CoinDesk)

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