JPMORGAN BECOMES FIRST BANK TO ENTER THE METAVERSE.

Why in news?

• JP Morgan has become the world’s first bank to set up shop in the metaverse. The largest bank in the US has opened a lounge in the blockchain-based world
• Users can create their virtual avatars, build virtual spaces and roam in the lounge christened ‘Onyx Lounge’ after its suit of Ethereum-based services. The lounge also features a digital image of the bank’s CEO Jamie Dimon.

About Metaverse

• Metaverse is a virtual universe where users can do multiple activities like socialising, shopping or even attending events through their avatar.
• Augmented Reality (AR) and Virtual Reality (VR) headsets are becoming more pocket-friendly, and both technologies have together contributed to a significantly enhanced user experience.