The news: JPMorgan has opened a lounge in the blockchain-based virtual world Decentraland and claims to be the first major lender to enter the metaverse.
The Onyx lounge is named for JPMorgan’s Onyx blockchain unit, which offers a suite of Ethereum-based services.
More on this: The gimmicks at the investment bank’s new virtual lounge include a roaming tiger greeting visitors and a portrait of CEO Jamie Dimon.
The news coincides with the release of a JPMorgan report on metaverse-related growth opportunities in which it:
Publicity stunt or signal of intent? The move highlights JPMorgan’s ambition to modernize its brand by staying abreast of market trends and targeting younger customers.
But the tangibility of JPMorgan’s new metaverse presence seems negligible for its customers:
What’s next for metaverse banking?
The big takeaway: It’s difficult to say whether JPMorgan’s metaverse entrance is the start of a serious push into virtual banking or just hot air.
But it will not be the last big bank to launch in the space as the metaverse moves into the mainstream and companies’ fear of missing out drives up interest.
Still not sure what the metaverse is? Click here to read our primer. For a deeper dive into the role financial institutions may play in the metaverse, read “Crypto payments and the metaverse: Getting past the hype to position payment incumbents for success.”