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JP Morgan becomes the first bank to join the Metaverse Decentraland (MANA)

February 18, 2022
in Metaverse, News
JP Morgan becomes the first bank to join the Metaverse Decentraland (MANA)

The big Wall Street investment bank, JP Morgan, has unveiled its study report on the metaverse. At the same time, we learn that it now has a window in Decentraland (MANA). Let’s take a look at its vision of this industry.

JP Morgan has opened its showcase in the metaverse

On the occasion of the release of a metaverse research report, JP Morgan unveiled its new lounge in the metaverse of Decentraland (MANA). Specifically, it is Onyx, its blockchain division, which makes it the first major bank with a “foot in the door” in this industry.

This illustrates the group’s desire to seize the new opportunities of Web 3.0, which the report begins by developing this vision:

“We are not here to suggest that the metaverse, as we know it today, will take over all human interaction, but rather to explore the many exciting opportunities it presents for consumers and brands.”

Indeed, JP Morgan forecasts that ad spending will be worth $18.41 billion in 2027 in this sector. The bank also observes that plot prices doubled in the space of 6 months last year, from an average of $6,000 in June to $12,000 in December for the top four blockchain metavers – Decentraland, The Sandbox, Somnium Space and Cryptovoxels.

So it’s a market she sees as buoyant, where she sees real-world services being duplicated in these digital worlds:

“Over time, the virtual real estate market could start to see services similar to the physical world, including credit, mortgages and leases.”

The Wall Street giant also sees businesses developing there, particularly around digital consumables in the form of non-fungible tokens (NFTs) that appeal to avatar personalization.

An enterprising bank in the blockchain

JP Morgan is not new to blockchain and this is beyond the metaverse. The most notable development is the creation of the Onyx division with the issuance of the JPM Coin. The JPM Coin is a stablecoin indexed to the dollar that allows companies to accelerate cross-border payments. In addition, the group has been offering an investment service in certain crypto-currencies since last year upon customer request.

Of course, if such news is positive for our ecosystem, we must keep a critical mind. This remains above all business and financial interest (even if there is nothing wrong with that). Besides, the position of the banking group towards crypto-assets often lacks congruence and it is not the founder of Uniswap who will say otherwise.

In any case, if there is still a long way to go before arriving at Ready Player One style metavers, the big companies have however well and truly understood the opportunities that are emerging with this recent industry and are placing their pawns in these universes.

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