JP Morgan, the first bank to enter into the metaverse

JP Morgan becomes the first-ever bank that enters into the metaverse and planning to open its lounge in blockchain technology based on virtual reality platform, Decentraland. 

The lounge has been named Onyx, the bank-permissioned Ethereum-based service. Here users can create their virtual existence and visit the bank virtually. Users can create their avatars on the metaverse to create their presence in the virtual world. 

The white paper of Onyx has all the details on how it will work and the services provided in the lounge created by the bank. 

The following are key points that you need to know:

  • Its white paper has the illustration to direct how Onyx will work. 
  • The white paper will provide the users with an overview of what technology will build in the future, security and privacy, and infrastructure. 
  • Cross-border payments, foreign assets creation, foreign exchange, future-options trading in foreign exchanges will play a vital role in the metaverse. 
  • The white paper is giving importance to the fact that metaverse will influence every sector of an economy and have the potential to generate yearly revenue of more than $1 trillion. 
  • Onyx white paper emphasizes that the benefits of sharing communities, sharing values, and an original way of expressing oneself could be enough reason to enter into and develop metaverse.  

By exploring opportunities for brands and consumers in the metaverse, JP Morgan highlighted these points in its opening of Onyx, a lounge in the virtual world. 

Also read about a unique “Blockchain Wedding or Metaverse Wedding reception: https://www.blockmagic.in/crypto-blockchain-news/blockchain-wedding-have-you-heard-about-it/

 

Author: Anushka Trivedi

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