Institutional investors have steadily entered the crypto space for the past few years. Not only banks, but payment gateways, fintech companies, and all kinds of financial entities have taken a strong interest in blockchain, cryptocurrencies, Web 3, etc.
JPMorgan has always been at the forefront of crypto adoption and is one of the chief global banks to have a dedicated digital assets arm. JPMorgan, in a recent development, established its presence in the metaverse. It became the world’s first major bank to have a virtual language in the metaverse through blockchain-based open-world Decentraland. Sandbox and Decantraland are two of the most popular metaverse platforms and have already garnered impressive revenue.
JPMorgan’s meta lounge is situated in Metajuku mall in Decentraland. Metajuku is a digital mall on the metaverse where people can interact with virtual shops, lunges, entertainment venues, gaming spaces, and so on. Visitors to the lounge also get to enjoy digital presentations on how cryptocurrency works. The lounge has been named Onyx after the in-house payment system from JPMorgan. In an official report, JPMorgan talked about their metaverse plans and how the bank wishes to keep up with improving technology.
With JPMorgan entering the metaverse space, the idea of Web 3 gets more validation and credibility. However, it is too early to say whether other major banks will follow in their footsteps. Decentraland, for the large part, has not been able to truly enter the mainstream. If and when they manage to do it, we can expect to see more big players entering the space.