Claiming to be the first bank in the metaverse, JPMorgan announced the opening of a “lounge” in Decentraland. The bank doesn’t appear to believe that its metaverse presence will serve random metaverse visitors who will, on a lark, decide to open a checking account, however.
“Virtual branches are the next logical step for how financial institutions can utilize virtual reality.
Imagine never having to take a break during working hours and wait in a line at the bank. Now imagine getting personalized banking service at the comfort of your home, when it’s convenient for you while enjoying a cup of coffee.”JPMorgan doesn’t appear to believe that its metaverse lounge will serve random metaverse visitors who will, on a lark, decide to open a checking account, however.
For both virtual worlds, the average investment in land was about $5,300, but prices have grown considerably from an average of $100 per land in January 2021 to $15,000 in December 2021, with rapid growth in the fourth quarter when the Sandbox Alpha was released. In the past month, sales of property on the six most popular virtual worlds brought in more than 52,000 ETH—roughly $169 million—on NFT trading platform OpenSea.
A “mortgage” isn’t the right analogy for purchasing virtual property in the metaverse. Commercial real estate lending is the better analogy.rose 700% in 2021, but it isn’t just price speculation that’s driving the increase—it’s the opportunity to monetize virtual land with games, events, and other revenue-producing ideas.real estate lending.
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