- Wall Street banking giant JP Morgan has opened a blockchain lounge in Decentraland's metaverse.
- The Onyx lounge marks the first step by a banking giant in the metaverse ecosystem of Decentraland.
- Decentraland price posted double-digit gains as institutions drive adoption of virtual real estate in the metaverse.
Banking giant JP Morgan enters the metaverse with the launch of its Oynx lounge in Decentraland. Institutional investors pour capital into digital real estate in Decentraland.
Decentraland price rallies in response to rising institutional capital inflow
The largest US bank, JP Morgan, has become the first lender in the metaverse, opening the Onyx lounge in Decentraland. The virtual lounge marks the banking giant's entry into the metaverse.
JP Morgan's suite of permissible Ethereum-based services is named Oynx. The virtual lounge is named after the same, offering institutions and businesses an opportunity to enter the metaverse.
The banking giant has published reports on the mainstream acceptance of cryptocurrencies. JP Morgan's latest report offers insight into the opportunities in the metaverse and integrated commerce applications. Electronics giants and fashion houses have ventured into digital real estate and metaverse parties, dropping digital collectibles and experiences for users.
Christine Moy, Head of crypto and metaverse at JP Morgan, was quoted as saying:
There is a lot of client interest to learn more about the metaverse. We put together our white paper to help clients cut through the noise and highlight what the current reality is and what needs to be built next in technology, commercial infrastructure, privacy/identity and workforce to maximize the full potential of our lives in the metaverse.
The mainstream adoption of Decentraland could fuel the metaverse tokens price rally. Analysts have a bullish outlook on Decentraland, as the metaverse token's price posts double-digit gains.
Analysts at FXStreet believe the metaverse token's uptrend is solid. Bulls could face a challenge; however, analysts believe Decentraland price could continue its climb.