J.P. Morgan Opens a Virtual Lounge in Decentraland
Featuring a roaming tiger and a floating portrait of the company's CEO Jamie Dimon.
American multinational bank and financial services company J.P. Morgan has launched its virtual Onyx Lounge in Decentraland's Metajuku mall, becoming the first bank to officially enter the metaverse. Upon entry, lounge visitors are greeted by a dynamic roaming tiger, a floating portrait of the bank's CEO Jamie Dimon, and a spiral staircase.
In a report titled "Opportunities in the Metaverse," J.P. Morgan wrote that 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," citing large companies already in the space including Gap, adidas, Nike, Verizon and PWC. Following J.P. Morgan's report, Decentraland's LAND token shot up over 8% on the day.
Decentraland is a browser-based 3D virtual world in which users can buy plots of land in the form of NFTs and interact and transact with other users through 3D avatars. First opened to the public in 2020, it's one of the leading metaverse projects alongside The Sandbox and Axie Infinity.