Decentraland’s MANA rises 10% after JPMorgan entered the metaverse with the biggest banking giant opening a virtual lounge in Decentraland so let’s read further in today’s latest blockchain news.
Decentraland is a virtual world powered by blockchain technology that allows users to purchase land and to create assets from scratch but it also enables them to create rooms, offices, and even entire cities. JPMorgan tried doing just that and in the game’s Metajuku district which is a virtual version of Tokyo’s Harajuku shopping district, the bank opened an Onyx lounge. The lounge fits well into the virtual world inhabited by crypto enthusiasts and features floating NFTs as well as a tiger that is freely roaming the first floor. It also features a portrait of the Bank’s CEO Jamie Dimon while on the second floor, Decentraland residents are able to listen to experts that talk about crypto investments.
The @jpmorgan lounge in the @decentraland metaverse is, well, umm, I give it points for the tiger, but the floating portrait of Jamie Dimon, the bank’s CEO is a bit, cultish? pic.twitter.com/NKnkOfFU7s
— Matt Hussey (matth.near) (@Matt__Hussey) February 16, 2022
Despite incorporating meme elements in the lounge, the biggest bank in the US is taking the whole metaverse-thing quite seriously. The opening of the Onyx lounge came at the same time when the bank issued a report on its bullish predictions:
“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
The bank pointed out that consumers across the world are spending $54 billion on virtual goods every year which is likely going to continue growing in the near future. Decentraland ont the other hand is one of the games that aims to capitalize on the metaverse trend and it uses blockchain despite not being VR-enabled just yet. Blockchain technology is essential for metaverse development and especially in the Decentraland case where it includes NFTs that represent land and assets as well as the native MANA token.
— Metaversel (@Metaversel1) February 16, 2022
MANA rises 10% after JPMorgan joined Decentraland and other utility coins such as MANA allow the users to buy land, virtual in-game services, and virtual goods. The price depends on the game’s popularity but Decentraland is not the only metaverse game out there because the project faces a lot of competition from other crypto games like The Sandbox. The crypto markets interpreted the JPMorgan news as a vote of confidence to Decentraland rather than the metaverse space in general but the SAND token also increased after this announcement by 0.5%.
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