Why JP Morgan is banking on Decentraland

The largest bank in the United States, and the world’s largest bank by market capitalization, JP Morgan is officially the first major bank in the Metaverse. Recently, the bank opened a virtual lounge in Decentraland called the “Onyx Lounge”, named after their in-house blockchain payments system.

Decentraland is a leading Metaverse project that exists entirely online. People can buy plots of land on Decentraland in the form of NFTs, and interact with others through virtual avatars. JP Morgan’s lounge is open in the game’s Metajuku district, a virtual version of Tokyo’s Harajuku shopping region. Residents in Decentraland can also listen to experts talking about crypto investments in the lounge, while a virtual tiger roams around! 

Despite the fun elements in the lounge, JP Morgan is serious about the Metaverse.

The launch was unveiled alongside the bank’s new report titled “Opportunities in the Metaverse,” that detailed the types of business opportunities companies can expect to find in the Metaverse. Citing companies already in the space including Gap, adidas, Nike, the report read: 

 “[The Metaverse] will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”

What happened next was expected, to say the least. Decentraland’s MANA token increased over 8% in price, on the day J.P. Morgan published the report, and over the past two weeks, MANA’s price surged by 16.9%. 

Three months ago in November, 2021, MANA reached an all time high of $5.85 and is now trading for about $3.14.

MANA can be used to pay for virtual plots of land and other VR goods and services in the network. The easiest way to buy MANA is to purchase it through an online exchange like BitOasis. BitOasis makes it easy to buy, sell, send, receive, and store MANA, BTC, ETH, and over 40 popular cryptocurrencies.   

Also read: Will Abu Dhabi level up gaming with crypto, NFTs?