America’s largest bank – JP Morgan joins the Decentraland metaverse. Following this partnership, it is launching the Onyx lounge – a virtual bank in the game. News of this partnership was made public after the banking outfit released a paper to the effect. Here is all you need to know.
Details of the Onyx Lounge in Decentraland
From the reports, the Onyx Lounge will operate like a bank in the metaverse. This is due to the picture of CEO Jamie Dimon in the background of this lounge. Also, there is a tiger lurking about.
Speaking ahead of the investment, Christine Moy also showed her belief in the diversification. Here is what the Head of Crypto and Metaverse of JP Morgan had to say:
“There is a lot of client interest to learn more about the metaverse. 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 to maximize the full potential of our lives in the metaverse.”
Reason for this Investment
As mentioned earlier, JP Morgan earlier released a paper. In that paper, the Wall Street bank gave details of its reason to delve into the metaverse. One of the reasons being that virtual worlds allow people to connect irrespective of distance. It also cited the COVID-19 pandemic as one of the accelerators for the adoption of the digital world. JP Morgan also believes that thr immersive virtual experiences is helping people to build communities.
Even better, these communities are built on shared values. These communities also give users the opportunity to express themselves in more authentic ways. The metaverse is at a point where everyone wants to become part of it. With celebrities, football clubs and everyday people joining the trend, it was only proper that the bank joined in. As a financial outfit, it is its best interest to meet their target customers where they can be found.
Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. The game combines the play to earn and create to earn models. In Decentraland, users can create, experience, and monetize their content and applications.
Decentraland is goverened by holders of the MANA token. The MANA token is also used as a currency within the virutal world to purchase goods, services, and land. The virtual world pushes innovative ideas around digital ownership and features online destinations like museums where individuals can display digital art non-fungible tokens (NFTs)