Home 2021 Metaverse: JPMorgan is 1st to Recognize the Huge Opportunities

#metaverse #crypto #blockchain #DeFi #NFT #DAO

$JPM

A metaverse is a 3D, immersive, fully-realized digital world, where humans can live a digital 2nd life: working, socializing and building homes and communities” — Paul Ebeling

JPMorgan (NYSE:JPM) is the largest bank in the U.S and it has just said it has become the 1st lender to arrive in the metaverse, having opened a lounge in Decentraland, a virtual world based on blockchain technology.

As well as the unveiling of the Onyx lounge, the name refers to the bank’s suite of permissioned Ethereum-based services, JPMorgan also released a paper exploring how businesses can find opportunities in the metaverse.

“There is a lot of client interest to learn more about the metaverse,” JPMorgan’s head of crypto and the metaverse, said in an e-Mail. “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.”

With the mainstream acceptance non-fungible tokens (NFT), the past year has seen a breathless advance into the metaverse, a catch-all for immersive gaming, world-building and entertainment, fueled by integrated commerce applications. In January, electronics giant Samsung opened a version of its New York store in Decentraland, and in November Barbados established a metaverse embassy, also in Decentraland.

JPMorgan begins its assessment of “metanomics” by pointing out that the average price of a parcel of virtual land 2X’d in 2-H of Y 2021, jumping from $6,000 in June to $12,000 by December across the 4 main Web 3 metaverse sites: Decentraland, The Sandbox, Somnium Space and Cryptovoxels.

In time, the virtual real estate market could start seeing services much like in the physical world, including credit, mortgages and rental agreements,” said the JPMorgan e-Mail. It added that decentralized finance (DeFi) collateral management could well come into play, and that rather than traditional finance companies this could be done by decentralized autonomous organizations (DAO) like Knightsbridge.

“We believe the existing virtual gaming landscape (each virtual world with its own population, GDP, in-game currency and digital assets) has elements that parallel the existing global economy,” according to the bank. “This is where our long-standing core competencies in cross-border payments, foreign exchange, financial assets creation, trading and safekeeping, in addition to our at-scale consumer foothold, can play a major role in the metaverse.”

Read the full report here.

Have a prosperous day, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.