JP Morgan Chase & Co. became the first bank to open a branch in the metaverse, exploring the potential opportunities for its clients.
The metaverse, created by Mark Zuckerberg, is a network of virtual worlds where users can interact in different environments.
This is not a novel concept. In fact, the metaverse has evolved over time to bring this convergence between the virtual world and the real world till they become one world. Many activities can be done there such as shopping, socializing, playing games, working and browsing art.
With COVID-19 accelerating technological advancements, it only feels appropriate that the virtual world should be as real as possible.
JPMorgan Chase, investment banking giant, has opened the Onyx, JP Morgan’s blockchain, lounge in Decentraland, a virtual world browser-based platform.
JPMorgan Chase’s opening is an attempt to lay foot what it considers might be its best investment over the coming year.
With the expansion of the metaverse, the bank feels it needs to have a notable presence, saying that the metaverse is a one trillion revenue gold mine.
Encouraged by the clients’ interest and promising vision in the field, JPMorgan Chase released a report where it discussed potential opportunities.
The report discusses economics in the metaverse and how there could be opportunities like in the real world such as buying and selling real estate, opportunities to work and ways for businesses to grow.
JPMorgan Chase may have paved the way for other necessary institutions to open in the metaverse, but what is becoming more apparent is that the metaverse will be a non-escapable world.
Additionally, Samsung Electronics Co. and even the country of Barbados, as a government entity, have entered the metaverse.
Christine Moy, the global head of Onyx, said the bank will focus on providing infrastructure that is like blockchain payments from tech to clients. Additionally, it will use it as an opportunity to enlarge its crypto business.
While JP Morgan Chase is the first bank to open, many other banks and accounting firms are also interested in entering this world.
The options are limitless for the metaverse, but it is worth considering that Zuckerberg owns the Metaverse.
With the recent allegations addressed to him about the privacy on Facebook Inc. and the fueling hatred toward him, what can this mean for putting all data on his platform?
Currently, the metaverse is not experiencing a great season as Meta Roundhill Ball Metaverse EFT,METV, is down 15.2% more than the Nasdaq Composite, which decreased by 13.5%.
It is foreseeable that the metaverse will become the new normal and much of the physical activities will be turned virtual.
Considering that so much will be done in the metaverse, including working and socializing, will there be room for any physical interactions in the future? The netizens will have to wait and see.