JP Morgan’s Entry into the Metaverse is first of the Bank Kind, Foresees a $1 Trillion Opportunity
The largest bank in the US, JP Morgan becomes the first bank to enter the metaverse as it has opened a lounge in Decentraland metaverse. After the unveiling of the Onyx lounge in Decentraland, the bank also released a paper showcasing how businesses can find opportunities in the Metaverse. The bank also claimed to foresee the Metaverse as a $1 Trillion opportunity.”
JP Morgan, the largest bank in the US, has announced its entry into the Metaverse. The Bank has opened a lounge ‘Onyx’ named after JPMorgan’s in- house blockchain payments system. The lounge was unveiled along with a paper highlighting the guide for the businesses on how to find the opportunities in the metaverse. The report also describes “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”. Also, the report claimed that $54 Billion is already being spent on virtual goods every year which is almost double of the music industry.
The report highlighted what are the opportunities and what are things lacking in the metaverse at the moment providing a reality check against the hype. The report also highlighted that a single land parcel in the metaverse has doubled to $12,000 from $6,000 last year and the in-game advertisements spending will reach around $18 Billion by 2027.
JP Morgan’s entry into the crypto world is a positive sign for the growth of the industry and this entry to the metaverse is the result of other companies showing interest in it. Earlier, Samsung, Adidas, and Nike have already entered the Metaverse and are showcasing their NFT collections through the virtual world.