Decentraland (MANA-USD) is trending higher today on news that JPMorgan Chase (NYSE:JPM) is becoming the first U.S. bank to enter the metaverse.
So what do you need to know about the news sending the MANA crypto higher? Well, JPMorgan is the largest American bank, holding more than $3 trillion in assets. It wants to take some of that power into the metaverse, and it opened its first lounge in Decentraland.
The news of JPMorgan’s lounge was enough to send the price of MANA up more than 7%.
What Happened With the MANA Crypto
In an effort to promote its interest in the metaverse, JPMorgan unveiled its “Onyx lounge” on Decentraland. Additionally, the bank issued a white paper exploring how businesses can find opportunities in the still-developing metaverse.
Why does JPMorgan think businesses should care? Well, it has noticed that the price for parcels of virtual land have already shot higher. The average price moved from $6,000 in June to $12,000, across Decentraland, The Sandbox (SAND-USD), Cryptovoxels and Somnium Space.
While JPMorgan Chase may be the first bank to open up shop in virtual reality, it is not the first business. Retailers have been announcing metaverse collaborations, Samsung opened up a Decentraland version of its store and Barbados opened up a metaverse embassy.
Why It Matters
The key to success for Decentraland and other metaverses, it seems, is adoption. Mainstream businesses that operate within these metaverses and provide sponsorship revenue will help projects like Decentraland thrive.
Today’s move higher in the MANA crypto is good news for the digital token. After a broader cryptocurrency market downturn hit even hot metaverse cryptos, Decentraland can ride this catalyst higher.
What’s Next for Decentraland
Decentraland is getting some much-needed attention today on news that JPMorgan Chase has opened a lounge in its metaverse platform. And that attention has the price of MANA moving higher. Going forward, Decentraland will need to continue attracting mainstream businesses to build out its platform and further develop the metaverse.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
