Decentraland (MANA) Up 10% as JP Morgan Enters The Metaverse

Decentraland is a virtual world powered with blockchain tech that allows users to purchase land and create assets. They can also create entire cities, including buildings and rooms.

JP Morgan attempted to do just that. The bank opened the Onyx lounge in the Metajuku area of the game, which is a virtual representation of Tokyo’s Harajuku shopping districts.

The largest #USA bank @jpmorgan has opened an office in the #Metaverse ecosystem #Decentraland pic.twitter.com/uH9LMglDpr

— Metaversel (@Metaversel1) February 16, 20, 2222

This lounge is well-suited for the virtual world of crypto enthusiasts. The first floor is home to floating NFTs and a tiger.

It also includes a portrait Jamie Dimon, the bank’s chief executive officer.

The @jpmorgan lounge is in the @decentraland Metaverse. I give it points to the tiger. But the floating portrait Jamie Dimon, the bank CEO, is a little, cultish. pic.twitter.com/NKnkOfFU7s

— Matt Hussey (matth.near), (@Matt__Hussey), February 16, 2022

Residents of Decentraland can hear experts talk about crypto investments on the second floor.

JP Morgan’s Metaverse Bet

The largest bank in America is not only using some meme elements in their lounge, but it takes the Metaverse seriously.

The bank released a report about its potential and made bullish predictions at the same moment as the opening of the Onyx Lounge.

“The metaverse” will likely infiltrate all sectors in some way over the next few years. The market opportunity is estimated to be more than $1 trillion annually.

According to the bank, $54 billion is already spent annually by consumers around the world on virtual goods. This trend is expected to continue in the future.

Decentraland Vs. SAND

Decentraland, a game that uses blockchain to exploit the metaverse trend, is one of those games. However it’s not VR-enabled.

Blockchain technology may be crucial for metaverse development, particularly in Decentraland’s instance, which includes NFTs that represent land and assets, and the native MANA token.

Utility coins such as MANA let users buy land, virtual goods and services in-game. Its price is dependent on how popular the game is. Decentraland’s token rose by 10% when JP Morgan joined the game.

Decentraland isn’t the only metaverse game. Most competition for the project comes from the crypto game Sandbox.

The JP Morgan news was still interpreted by crypto markets more as a vote to Decentraland than for the Metaverse space. The SAND token, which is the native token of Sandbox was actually only 0.5% higher after the announcement.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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