JPMorgan makes a foray into the world of Decentraland

JPMorgan Chase has opened a showroom in Decentraland. As a result, he became the first lender to appear in the metaverse.

Along with the opening of an Onyx showroom (the name refers to the bank’s Ethereum-based suite of services), JPMorgan published a report on how businesses might leverage the metaverse.

Christine Moy, head of cryptocurrencies and metaverses at JPMorgan, says customers are interested in learning more about the metaverse.

Last year, assets such as NFT were widely accepted, which has allowed the metaverse to make a lot of progress. For example, Samsung has opened a store in Decentraland, and Barbados established an embassy in Decentraland in November.

JPMorgan’s study on “methanomics” begins by noting that the average price of a virtual plot doubled in the second half of 2021, rising from $6,000 in June to $12,000 in December on four major Metaverse Web3 sites: Decentraland, The Sand, Somnium Space, and Cryptovoxels.

Over time, services similar to those in the physical world may appear in the virtual real estate market, including loans, mortgages, and rental agreements.

In the JPMorgan report on Decentralized Finance, they said that managing security is essential, and instead of traditional financial companies, decentralized autonomous organizations could do this.

According to Christine Moy, head of cryptocurrencies and metaverses at JPMorgan, there’s a lot of interest from customers who want to learn more about the metaverse.

Read Also: Samsung will give away NFT to those who pre-ordered the S22

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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