JPMorgan becomes first bank to enter metaverse

By Ovunc Kutlu

ANKARA (AA) - JPMorgan has become the first bank to enter the metaverse -- the virtual world network focused on social connection.

JPMorgan opened up an Onyx lounge Tuesday in metaverse -- a virtual lounge in the blockchain-based world of Decentraland, in which users can buy virtual plots of land in the form of non-fungible tokens (NFTs).

The US-based multinational investment bank and financial services holding company said users can also make purchases through the Ethereum blockchain.

"The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified, immersive experience," it said in a report, "Opportunities in the metaverse."

It said $54 billion is spent on virtual goods every year, almost double the amount spent buying music.