The Bank JP Morgan launches Onyx lounge to capitalize on metaverse

The Company become in the first bank to open a lounge in the Decentraland virtual world

 J.P. Morgan, a multinational American bank, known to be the largest bank in the United States, has launched a lounge in the block chain-based virtual world Decentraland. Called the ‘Onyx loung’, it refers to the bank’s existing suite of permissioned Ethereum-based services.

On Thursday 15 February, Christine Moy, J.P. Morgan’s head of crypto and the metaverse, told CoinDesk via email “There is a lot of clients interest to learn more about the metaverse. We put together our white paper to help clients cut through the noise and highlight what the current reality is, and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce, in order to maximize the full potential of our lives in the metaverse.”

The bank also wrote a paper to explore how business can find some opportunities in the metaverse, and explain to their clients the infrastructure for the new project: «Imagine you have an online avatar and you want to change what it is wearing, you will be able to buy limits edition, digitally grandes clothing that you pick after browsing a virtual showroom. Or you may start your own small business, such as an art gallery where you display your latest collections».

For this project, J.P. Morgan wrote that they will include some areas to consider for the metaverse; the first of them will be, obviously, training new designers and developers with specialization in 3D modelling of avatars, wearables, objects, and architecture.

Second, it is expected that it will be to redeploy events producers in metaverse such as parties, concerts, art showings, travels and community meetings. The creation of community managers will be focused on creating a robust online relationship-building and interaction.

The hype around Metaverse jumped a few months ago, then of Meta announcement. The metaverse at words of JP Morgan is a market opportunity of $1 trillion, however not all banks are convinced by this idea.