Multinational investment bank JP Morgan's Onyx platform launched a lounge in the metaverse, based on the blockchain-powered virtual world Decentraland.
Related: JP Morgan Made Crypto Funds Available for Its Clients
The platform has its native utility token MANA, which at the moment trades at around $3.3. Users can buy virtual lands, and items using crypto assets. Intellectual property ownership rights are protected through NFTs.
JP Morgan’s blockchain division Onyx published a paper on the metaverse and Web 3. The institution dived into the possibilities that the space offers for businesses.
In the document, JP Morgan shared its approach to the metaverse. According to it, the modern virtual gaming scope which includes its own community, a measure of growth, in-game currency, and other digital assets has similarities with the current global economy structure. Both offer cross border payments, assets development, trading, and other services.
JP Morgan said they are creating and scaling emerging technologies to modernize infrastructure and business models to enhance financial activities in the decentralized web. It will focus on three main points; providing the metaverse users with bank-grade products, enabling content commercialization, and scaling the metaverse industry globally across different currencies and payment methods.