- JPMorgan attempts to capitalize on what it believes is “limitless” potential.
- The investment firm released a new presence in virtual real estate.
The metaverse has been trending and is attracting industry giants from all sectors. JPMorgan Chase has created a lounge in Decentraland, the virtual world known as the metaverse, as the largest bank in the United States attempts to capitalize on what it believes is “limitless” potential.
The bank’s Onyx lounge is located in Metajuku, a virtual recreation of Tokyo’s Harajuku retail district, in Decentraland, one of the most popular metaverses. CEO Jamie Dimon’s image sits in a gallery on the first level, and a tiger roams about. A person’s avatar may watch industry professionals discuss the crypto market on the second level while ascending a spiralling staircase.
Infiltrate Every Sector
With the presentation of its white paper on metaverse potential, JPMorgan released a new presence in virtual real estate. The bank predicted that this industry might create $1 trillion in annual income by 2025. The phrase “metaverse” is sometimes ambiguous. Still, it is commonly acknowledged that it refers to a digital cosmos in which users may speak with one another, take part in events, and otherwise experience themselves as digital avatars.
The JPMorgan report details:
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.
“Opportunities in the metaverse” was just released by JPMorgan, the world’s largest investment bank. Christine Moy and Adit Gadgil wrote the report. Moy leads onyx by J.P. Morgan’s Liink, Crypto & the Metaverse division. J.P. Morgan Payments’ head of e-commerce solutions is Gadgil.