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The largest bank in the U.S., JPMorgan has opened a branch in the Decentraland metaverse, the Onyx lounge, and is thereby the first lender in a virtual world.
The bank also released a research paper on how businesses can best make use of metaverse’ opportunities.
Christine Moy, JPMorgan’s head of crypto and the metaverse, said:
“There is a lot of client interest to learn more about the metaverse.
We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce, in order to maximize the full potential of our lives in the metaverse.”
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In its paper, JPMorgan shows that the average price of a parcel of virtual land doubled in the second half of 2021, jumping from $6,000 in June to $12,000 by December across the four main largest Web 3 metaverses: Decentraland, The Sandbox, Somnium Space and Cryptovoxels.
“In time, the virtual real estate market could start seeing services much like in the physical world, including credit, mortgages and rental agreements,” JPMorgan’s assessment of “metanomics” reads.
The report further predicts that decentralized finance (DeFi) done by decentralized autonomous organizations (DAO) will become important in the future.
In addition, the metaverse will also provide jobs and advertising opportunities.
According to the JPMorgan report, user experience, avatar performance and commercial infrastructure in the blockchain based realities need significant upgrades.
The bank concludes:
“We believe the existing virtual gaming landscape (each virtual world with its own population, GDP, in-game currency and digital assets) has elements that parallel the existing global economy.
This is where our long-standing core competencies in cross-border payments, foreign exchange, financial assets creation, trading and safekeeping, in addition to our at-scale consumer foothold, can play a major role in the metaverse.”