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Business Virtual Reality

J.P. Morgan sees opportunities in the metaverse

JPMorgan opened a lounge in Decentraland. They’re now a metaverse company. Or are they?

I decided to visit the Onyx lounge myself.

I explore the Onyx lounge

It was not easy to find the lounge. I had to look through a couple articles before one that listed the coordinates. It’s at Metajuku mall at 94,21. Once there it was easy to find the lounge. A large JPMorgan sign hung outside the entrance.

I expected to talk to a JPMorgan representative or possibly interact with some 3D objects. Instead, I was greeted by a difficult-to-read timeline of the blockchain and 2D videos. The videos opened in a new tab outside of Decentraland.

There were a couple other people in the lounge but we didn’t talk.

J.P. Morgan is enabling the gaming ecosystem

This isn’t to say JPMorgan only launched a lounge in Decentraland for hype. They wrote a white paper titled Opportunities in the metaverse by Christine Moy and Adit Gadgil. I think JPMorgan knows just what they’re doing.

“In fact, the financing company may not be a company at all, but instead, a self-organizing, mission-based community of people (who may not have met at all in person), also known as a decentralized autonomous organization (DAO).”

Opportunities in the metaverse

The paper outlines they hype verses reality of the metaverse. They acknowledge that Technology, Commercial Infastructure, Privacy & Identity, Workforce of the Future, and Regulation all have work to do to form a true metaverse.

JPMorgan believes their “approach to payments and financial infrastructure will allow that interoperability to grow.”

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