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.

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.