JPMorgan world's first bank in metaverse. Tiger greets visitors in the lounge

Metaverse: Visitors to JPMorgan's Onyx lounge can create their avatars. (Image credit:@fintechfrank /Twitter)

JPMorgan Chase & Co, the largest bank in the United States, has become the first bank in the world to be in the metaverse, an immersive 3D version of the internet tipped to transform workplaces and online interactions.

JPMorgan launched its lounge on Decentraland, a metaverse platform. The Onyx lounge is named after the multinational investment bank’s blockchain business that was launched in 2020.

Visitors to the Onyx lounge can create their avatars by choosing a gender, skin tone, hairstyle, clothes and accessories. Visitors are greeted by a tiger avatar and a digital portrait of Jamie Dimon, the bank’s CEO.

The company said it is in the metaverse to explore the many opportunities it presents for consumers and brands alike. “Whether it’s large tech players such as Microsoft planning to create realistic workspaces, or Ariana Grande holding a concert in Fortnite, the opportunities presented by interactive, digital worlds seem limitless” it said in a report.

Christine Moy, the Global Head of Liink, Crypto & the Metaverse at JPMorgan said the bank wrote the report to “help clients cut through the noise and highlight what we would love to see built or scaled next in commercial infrastructure, tech, privacy and identity, workforce, and social governance.”

The metaverse is theoretically the future of the internet, a 3D virtual world where people will be able to interact using sensors, lenses and other gadgets.

Chilling in JPMorgan's metaverse lounge in Decentraland They have a Tiger pic.twitter.com/LcTdaLm3Yg

— Frank Chaparro (@fintechfrank) February 15, 2022

Justin Bieber, Marshmallow, Ariana Grande and Travis Scott are some of the big international names who have hosted concerts in the metaverse.

In India, a Tamil Nadu couple created headlines by hosting their wedding reception in the metaverse earlier this month.