JPMorgan, the largest bank in the US, has become the first bank to reach the metaverse by opening an office in Decentraland (MANA), a virtual world based on blockchain technology. With the effect of the news, the metaverse coin price cheered the market.
JPMorgan opens office on popular metaverse coin project, price soars
Along with the announcement of the Onyx office (Onyx stands for the bank’s suite of allowed Ethereum-based services), JPMorgan also published an article exploring how businesses can find opportunities on the metaverse floor. Christine Moy, head of crypto and metaverse at JPMorgan, said:
There’s a lot of customer interest to learn more about the Metaverse. We’ve put together our whitepaper to meet our customers’ demand, assist them, and maximize the full potential of our workforce.
With things like the Non Fungible Token (NFT) becoming mainstream, the past year has made breathtaking progress into the all-encompassing metaverse for immersive gaming, world-building and entertainment powered by integrated trading apps. In January, electronics giant Samsung opened a version of its New York store in Decentraland, and in November Barbados also established a metaverse embassy in Decentraland.
JPMorgan is assessing the ‘metanomics’ for these metaverse coin projects, noting that the average price of a virtual parcel of land has doubled in the second half of 2021, jumping from $6,000 in June to $12,000 in December on the four major Web3 metaverse sites: Decentraland, The Sandbox , Somnium Space and Cryptovoxels. The JPMorgan report also makes the following predictions:
Over time, the virtual real estate market may begin to see services like the physical world, including loans, mortgages, and lease agreements. Decentralized finance (DeFi) collateral management could well come into play, and it could be done by decentralized autonomous organizations (DAO) rather than traditional finance companies.
With the impact of the news, the metaverse coin price saw $3.21, up nearly 11% in the last 24 hours, according to CoinMarketCap data.