JPMorgan becomes first bank to enter metaverse

Posted by News Express | 17 February 2022 | 422 times

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JPMorgan has become the first bank to enter the metaverse – the virtual world network focused on social connection.

JPMorgan opened up an Onyx lounge Tuesday in metaverse – a virtual lounge in the blockchain-based world of Decentraland, in which users can buy virtual plots of land in the form of non-fungible tokens (NFTs).

The US-based multinational investment bank and financial services holding company said users can also make purchases through the Ethereum blockchain.

"The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified, immersive experience," it said in a report, "Opportunities in the metaverse."

It said $54 billion is spent on virtual goods every year, almost double the amount spent buying music. (Anadolu Agency)

Source: News Express

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