The Crypto world is expanding at a very high pace. It is the first time that a bank has made a space in the metaverse, in a not-so-real world. The Decentraland, a virtual 3-D world that is made up of blockchains, has launched a lounge by JP Morgan. It is called the ‘Onyx’ lounge. JP Morgan is the largest bank in America and now possibly in metaverse too. MANA, the virtual currency used in Decentraland, has spiked up by 10% making a huge difference in just 6 months. All by just the entrance of JP Morgan.
The lounge has a logo of a tiger and inside the lounge, one can listen to crypto news and updates easily. For people who believe in the crypto world, this can be a huge step towards their 3-D dream. And the bank believes in the metaverse potential that can change the future. JP Morgan said the metaverse has a market opportunity of $1 trillion (roughly Rs. 75,00,000 crore) in yearly revenue.
Decentraland is not a very new idea in the crypto world. Remember how it is taught that we need to have a place or our own and to achieve that we have to work hard. It is just like that but…online. In the world of Decentraland, virtual land is bought and sold via non-fungible tokens (NFTs). Those sales happen every day, but one recent purchase by investors took numbers to a whole new dlevel. The price of $913,228.20 marks the In the world of Decentraland, virtual land is bought and sold. Those sales happen every day, but one recent purchase by investors took numbers to a whole new level. The price of $913,228.20 marks the most lucrative purchase of NFT land ever. Basically, a game for rich people to get richer.
JP MORGAN’S UNDERSTANDING
JP Morgan released a whole report on the opportunities in the metaverse. According to them, every day the real world is shifting themselves to the virtual world-which is hard to disagree with. All thanks to blockchain technology and coronavirus (the ‘deadly’ virus).
In the next few years, we can expect many other companies to open their branches in the metaverse because of the trend. These were the same companies who initially rejected the idea of metaverse but here we are.