May 2023 JPMorgan Metaverse Case Study
May 2023 JPMorgan Metaverse Case Study
By Barton Goldenberg
Let me share with you details about JPMorgan’s entry into the Metaverse. JPMorgan, which is the investment banking arm of JPMorgan Chase, made two important announcements in 2022. The first announcement took place in February 2022, when JP Morgan became the first bank to enter the Metaverse, opening a lounge in the popular blockchain-based Metaverse called Decentraland. The move represented JPMorgan’s bet on the benefits of establishing an early presence in the Metaverse.
JPMorgan calls their lounge in the Metaverse the Onyx lounge. JPMorgan built the Onyx lounge to be able to offer institutions and businesses an opportunity to enter the Metaverse. While the JPMorgan Metaverse study makes it clear they do not believe the Metaverse will take over all human interactions, JPMorgan is keen to explore the many exciting opportunities it presents for customers and brands and in the spirit of a pioneer notes the risk of being left behind is worth the incremental investment needed to get started.
Want to learn more about JPMorgan’s Onyx lounge and the two other major areas that it is eyeing in the Metaverse?