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February 17, 2022 01:00 pm

JPMorgan Becomes First Bank To Open In Metaverse

An anonymous reader quotes a report from Fortune: Investment banking giant JPMorgan Chase has set up shop in the Metajuku mall. The bank's lounge features a spiral staircase, a live tiger, and an illuminated portrait of CEO Jamie Dimon. The catch? JPMorgan's newest digs aren't located in the real world, but in Decentraland -- one of the world's most popular metaverse platforms. The bank's metaverse launch coincided with the release of a paper by Onyx, JPMorgan's blockchain arm launched in 2020, which explores the opportunities offered by the metaverse. And JPMorgan is bullish: The bank predicts that the metaverse will become a $1 trillion market opportunity in yearly revenues, given that its virtual worlds will "infiltrate every sector in some way in the coming years," says the report. JPMorgan is the first bank to set up a metaverse office. But it follows on the now well-trodden path of big brands, businesses, and influencers entering the metaverse. [...] The development of the metaverse economy has created jobs both online and offline. Companies, from apparel to tech firms, are on a metaverse hiring spree. JPMorgan predicts that some individuals will become the "gig workers" of the metaverse -- earning income by providing services in the virtual world. JPMorgan has been undertaking efforts to build out its blockchain and crypto expertise and infrastructure. In a Bloomberg interview, Onyx's global head, Christine Moy, said that its unit is now focused on "providing infrastructure" like blockchain and payments tech to clients, which include game publishers.

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