Top U.S bank, JPMorgan announced its foray into the metaverse with a virtual lounge for “$1 Trillion opportunity” on the Decentraland.
The lounge is created in Decentraland’s Metajuku Mall, where visitors can hangout with others. At the entrance, visitors are welcomed by a roaming tiger and a digital portrait of Jamie Dimon, CEO of JPMorgan.
Next to the entrance, they can see an executive’s presentation on the economics of cryptocurrency.
The name “Onyx” of this lounge was taken from JPMorgan’s in-house blockchain payment system revealed with the report the list of opportunities that JPMorgan is looking for in metaverse.
The report states, ”The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues,”. The report also unveiled that already $54 billion has already been expended on virtual goods each year.
According to the report, the average price of virtual land soared from $6,000 to $12,000 between June and December. Also, the report predicts that in-game advertising will also take over $18.4 billion by 2027.
“This democratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand.”
JPMorgan also gave references to brands such as Nike, Adidas, Samsung, and others. Many brands have taken dive into metaverse and non-fungible token space after watching its future potential. Recently, Samsung revealed a partnership with Decentraland with the launch of its Virtual Flagship NYC Store, Samsung 837X.
