JPMorgan's Onyx Lounge Exists in the Metaverse
Laura McQuarrie — February 18, 2022 — Tech
References: jpmorgan & designtaxi
JPMorgan is the first bank to venture into the metaverse and it created the Onyx Lounge on Decentraland for users to explore. The name of the new lounge comes from the bank's Ethereum-focused services and it sets the tone for the future of finance. As JPMorgan outlined in a whitepaper: "In time, the virtual real estate market could start seeing services much like in the physical world, including credit, mortgages and rental agreements."
Within the metaverse, there's much for the bank to explore in the future, including its own in-game currency, digital assets and potentially even the sale of digital real estate, as well as other avenues of opportunity to "parallel the existing global economy."
Within the metaverse, there's much for the bank to explore in the future, including its own in-game currency, digital assets and potentially even the sale of digital real estate, as well as other avenues of opportunity to "parallel the existing global economy."
Trend Themes
1. Metaverse Banking - Metaverse lounges for banking can be created in different virtual worlds to attract customers and expand services, such as digital assets and virtual real estate.
2. Virtual Real Estate Market - A virtual real estate market in the metaverse could be developed for services such as credit, mortgages and rental agreements, presenting opportunities for real estate industries to invest in new platforms.
3. In-game Currency - Developing a bank's own in-game currency within the metaverse could lead to opportunities for the gaming industry to collaborate with financial institutions to blend virtual currencies with traditional money.
Industry Implications
1. Banking - Banks have the potential to pioneer innovative services and leverage digital assets in the metaverse to create new revenue streams and opportunities.
2. Real Estate - The virtual real estate market in the metaverse could attract traditional real estate investment and services while presenting new business models and potential collaborations.
3. Gaming - The gaming industry has an opportunity to collaborate with financial institutions in the metaverse to create new in-game currencies and connect the virtual and traditional economies.
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