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.
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