Wall Street's investment giant, JP Morgan, has finally caught the NFT bug. At the very first edition of the "Crypto Economy Forum for TradFi Investors," held at the bank's headquarters in New York, 69 attendees enjoyed a surprise giveaway of Non-Fungible Tokens.
OpenSea reports that none of those gifted NFTs have traded so far, but one of them has been placed up for sale for a whopping sum of 420 ETH (approximately $1.8M). At the event were notable speakers like Emin Gür Sirer, the founder of Ava Labs, FTX chief Sam Bamkman-Fried and CEO of Coinbase Brian Armstrong. According to someone close to the bank, it wasn't them, but they felt it was funny because it became the floor price for their free NFT.
However, the CEO of JPMorgan, Jamie Dimon, has not desisted from throwing shades at cryptocurrencies, claiming that digital currencies have no intrinsic value in his latest criticism. This comes just weeks after he was quoted as saying Crypto is "worthless." In an interview with CBS Boston on Wednesday, he said, "Cryptocurrency has no intrinsic value. You're buying a token". He then added that there are speculations in stocks and Crypto and that he would rather be cautious.
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Regardless of this opinion, the TradFi ecosystem continues to lean more towards Decentralised Finance (DeFi) alongside NFTs and Web.3. A report released in April showed that the bank's private wealth department briefly looked at NFTs. JPMorgan's NFTs were minted on Polygon, Etheruem layer two networks. Polygon is one of the earliest projects created to serve as an Etheruem layer two solutions. It has multiplied in the last few months.
However, this is not the first time a bank would issue a commemorative NFT. The honor goes to Bank Of America, who did the same a month ago.