J.P Morgan, the US’s largest bank has opened “Onyx Lounge”. The bank will provide services for Ethereum-based users in the virtual world. According to a paper, the bank is looking to enter the frontier of digital cryptography technology. It will create multiple communities in the metaverse. This paper examines the possibility that a bank could function as a fully functioning institution, just as it does in real life. J.P Morgan plays an important role in this metaverse, which offers endless possibilities.
Some users have shared their bank experience at the Onyx lounge…
The Metanomics of the virtual world boom is evident with multi-billion-dollar enterprises entering the digital space. Metanomics does not seem to be a new concept. A nightclub from the game Entropia Universe was purchased for $635,000 in 2010! A Decentraland land package was purchased for $913,000 in June 2021! With an ever-growing investor community, there are many similar transactions taking place in the metaverse. There is also the NFT market, which trades in trillions and billions of dollars. Coinbase and Mastercard join forces to provide seamless marketplace purchases.
J P Morgan was able to establish its lounge in the midst of all the buzz. As the Ad spending and Gaming industry blossom in the metaverse, more bankers will set their sights on the promised land.