JP Morgan, considered the most prestigious bank in the United States, announced an investment in Decentraland, the Argentine project in the metaverse that offers a virtual world based on blockchain technology.

According to reports, JP Morgan will open a sub-world in Decentraland called “Onyx” and it will be a room where the bank will offer financial services based on Ethereum.

“Our clients are very interested in the metaverse and want to learn all about the technology,” explained Christine Moy, head of cryptocurrency and metaverse at JP Morgan. The bank has also written a comprehensive guide to metaverse infrastructure, technology and security recently.

In this guide, JP Morgan says the metaverse is a huge opportunity and companies such as Walmart, Nike, Gap, Verizon, Adidas, PwC, among others, are already joining the trend.

Decentraland is a metaverse that was created in 2015 by Argentineans Ariel Meilich, current leader of the project, and Esteban Ordano. Although Ariel and Esteban are no longer leading the project, the development of Decentraland is still ongoing, with efforts being directed by the recently established Decentraland Foundation.

This digital world allows users to create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize. 

Decentraland implements two innovative technologies: virtual reality and blockchain. Virtual reality makes it possible to create a walkable world where anyone can visit Genesis City, the platform’s first city. The blockchain is responsible for making transactions transparent, and in order to access the Decentraland metaverse, users must connect to a Metamask wallet. 

In Decentraland all properties are sold in a currency created on Ethereum, called ManĂ¡, which trades at US$ 3.28, according to data from Coinmarketcap.

In addition, video games can also be played in this metaverse, which has already been adopted globally. Besides, a metaverse mobile app is expected to be launched soon.

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