JPMorgan becomes the first bank to open a metaverse Onyx lounge
By MYBRANDBOOK
J.P. Morgan opened up an Onyx lounge in the metaverse, a virtual lounge in the blockchain-based world of Decentraland. The Onyx lounge is named after the multinational investment bank’s blockchain business that was launched in 2020.
Within Decentraland, users can buy virtual plots of land in the form of NFTs and make purchases using cryptocurrency backed by the Ethereum blockchain.
Visitors to the Onyx lounge can create their avatars by choosing a gender, skin tone, hairstyle, clothes and accessories. Visitors are greeted by a tiger avatar and a digital portrait of Jamie Dimon, the bank’s CEO.
A report by J.P. Morgan said that it can operate like a bank in the virtual world much like it does in the real world. Similar to its role as a bank, it can facilitate cross border payments, foreign exchange, financial assets creation, trading and safekeeping.
Christine Moy, the Global Head of Liink, Crypto & the Metaverse at JPMorgan said the bank wrote the report to “help clients cut through the noise and highlight what we would love to see built or scaled next in commercial infrastructure, tech, privacy and identity, workforce, and social governance.”
The metaverse is the future of the internet, a 3D virtual world where people will be able to interact using sensors, lenses and other gadgets.
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