Earlier in the week, JP Morgan, one of the largest and most influential banks in not only the United States but worldwide, made their entrance into the fantastic Metaverse
JP Morgan Chase Steps into the Metaverse
Judging by recent movements and occurrences on Wall Street, it has been apparent that the time for institutional bankers to make their entrance into the Metaverse is near; at this point, it’s not a matter of if but when most major banks will make their NFT debut.
Congratulations to the Metaverse because JPMorgan’s adventure into the space was finalized earlier in the week when the financial powerhouse opened its first virtual lounge on Decentraland. What does the JPMorgan Chase Decentraland lounge look and feel like? For starters, when you check into the space, you’ll be greeted by a portrait of Jamie Dimon, CEO of the bank.
The involvement of Dimon is a big deal in itself because he has been one of the most outspoken critics of Bitcoin and has made disparaging comments about cryptocurrencies in recent times, even labeling this class of assets as useless and lacking intrinsic value. Crypto, Metaverse, and NFT champions must be having a field day with the recent news of JPMorgan’s Metaverse activity.
This might signify a significant shift in Cryptocurrency sentiments in Wall Street, and JPMorgan has openly stated that they believe the Metaverse represents a once-in-a-lifetime trillion-dollar opportunity with the prospects to impact every single sector of the world’s economy.
Metaverse: The Next Great Frontier
Everyone from your next-door neighbor to CEOs of Fortune 500 companies is touting the Metaverse as the next great frontier for the world, and this frontier promises to transcend beyond tech and business; it’ll be an integral part of most people’s lives in the future.
From the looks of things, the Metaverse will be essential. It’ll help usher in new business models that do not exist currently or are infeasible with the current business and regulatory climate. If you know big banks, you’ll attest to the fact that they go where the money is, and JPMorgan Chase is chasing a once-in-a-lifetime opportunity by being one of the first movers in their industry to adopt this technology. When this bank released their bullish Metaverse prediction of being a $1 trillion a year opportunity, they were signalling to the world that the Metaverse is where the action is going to be in the next few years.
What does the Onyx Lounge mean to the business world?
A report by the bank accompanied the launch of JPMorgan Chase’s Onyx Lounge on Decentraland. This report is quite extensive and goes over many exciting information and opportunities for the future.
After all, is said and done, when we consider that the NYSE recently announced their NFT plans and now JPMorgan Chase is citing the space as the future money factory, we can expect more big banks to get in on the action soon.