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- According to JPMorgan, “the metaverse will undoubtedly penetrate every industry in some form in the coming years,” with annual sales exceeding $1 trillion.
- The market opportunity is estimated to be worth more than $1 trillion.” In Decentraland, the firm has opened a lounge.
JPMorgan on Metaverse
JPMorgan Chase recently released a paper titled “Opportunities in the Metaverse.” Christine Moy and Adit Gadgil wrote the report. Moy is Onyx by J.P. Morgan’s worldwide head of Link, Crypto, and the Metaverse. J.P. Morgan Payments’ Gadgil is the head of e-commerce solutions.
According to Grayscale Investments’ study, “the metaverse is anticipated to represent a trillion-dollar income potential spanning advertising, social commerce, digital events, hardware, and developer/creator monetization.”
“As a result,” the authors stated, “we see corporations of all shapes and sizes embracing the metaverse in various ways, including big brands like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others.”
JPMorgan then went on to describe its approach to the metaverse.”Having a solid and flexible financial infrastructure that allows users to seamlessly connect between the physical and virtual worlds is based on the success of creating and expanding in the metaverse,” the authors write.
In Decentraland, the investment bank has established an “Onyx by J.P. Morgan” lounge. The bottom level is an open area featuring a tiger and a photograph of JPMorgan CEO Jamie Dimon. The lounge is located upstairs and features a wide table with documents and large television.
“The metaverse’s components continue to expand extraordinarily quickly,” according to the JPMorgan report, making it “difficult to establish a commercial plan on such a dynamic domain.”
“The costs and risks of participating early and frequently to build internal intellectual property, explore ideas for future business models, and discover ecosystem partners and collaborators are relatively small,” the authors wrote.
They went on to say that the asymmetrical risk of falling behind is worth the modest effort required to get started and explore this new digital terrain for yourself.
First bank to open in Metaverse
JPMorgan to be the first bank to open a branch in Metaverse. The largest bank in the United States has established a lounge in the blockchain-based world of Decentraland. Users can create virtual avatars, build virtual spaces, and roam the ‘Onyx Lounge,’ named after its suite of ethereum-based services. A digital image of the bank’s CEO, Jamie Dimon, is also displayed in the lounge.
The company believes that the world has reached a critical juncture. There isn’t a celebrity or organization insight that isn’t building or thinking about building their identity in the metaverse. While it is true that record-breaking transactions are fueling the hype surrounding the metaverse,
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
