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    JPMorgan Has Established Its Office In The Metaverse

    JP Morgan in the Metaverse

    The American investment bank JPMorgan has become the first major bank in the metaverse – its branch was launched on the virtual reality platform Decentraland. The “salon” in the metaverse was named Onyx Lounge in honor of the bank's blockchain platform. Onyx Lounge is located inside the Metajuku virtual business center. 

    While visitors cannot currently get real banking services, they are able to watch a presentation on cryptocurrencies by Jamie Dimon, CEO of the bank.

    Upon entering the virtual department store, some visitors may be surprised as they will be greeted with a growl of the tiger. Besides the lounge area, the financial institution has also presented a report analyzing business opportunities in the metaverse industry.

    In particular, it says that these opportunities are estimated at more than $1 trillion in annual income. Analysts point out that the average price of land on the Decentraland platform doubled from $6,000 to $12,000 during the period between June and December. The amount spent on virtual goods has reached $54 billion a year.

    The bank’s specialists emphasize that the number of creators monetizing their content in the realm of metaverses and non-fungible tokens, is rapidly growing. In their opinion, this will be a stimulus for the growth of the Web3 economy.

    Among the drawbacks of the metaverse, analysts note the difficulties of integrating the sector with the existing commercial infrastructure, hype and underdeveloped technology. However, as the industry matures, these problems should become a thing of the past.

    Thanks to the positive news about the integration of the largest US bank with Decentraland, the price of the MANA token increased by 9.25% in the last 24 hours. At the time of writing, it is $3.33.