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The First Virtual Finance Services: JPMorgan

JPMorgan Chase & Co. is an American multinational investment bank and financial services.

It helps people in reality and now they want to expanded into the virtual world.

Seeing the opportunity that offers by metaverse, JPMorgan taking a part in the metaverse.

In order to take it serious, JPMorgan released a paper exploring how businesses can find opportunities in the metaverse.

All about the explanation relates to JPMorgan and the lounge in blockchain-based decentraland is wrote in the paper released.

According to coindesk.com Christine Moy, JPMorgan’s head of crypto and the metaverse said that there is a lot of client start to put their 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. It is in order to maximize the full potential of our lives in the metaverse.” said the mail.

JPMorgan

As a result JPMorgan begins its assessment of “metanomics.”

By pointing out that the average price of a parcel of virtual land doubled in the latter half of 2021.

Jumping from $6,000 in June to $12,000 by December across the four main Web 3 metaverse sites: Decentraland, The Sandbox, Somnium Space and Cryptovoxels.

Furthermore, here are some statements according to the bank report;

“We believe the existing virtual gaming landscape (each virtual world with its own population, GDP, in-game currency and digital assets.) It 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.”

JPMorgan existence in metaverse will be really helpful for anyone who wants to join this virtual world.

Additionally, it may will reach more people’s attention to join the metaverse.

SourceCoindesk
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