JPMorgan Takes a Monumental Step in the Metaverse


JPMorgan is the largest bank in the United States of America. It maintains a prominent presence in over 100 markets all over the globe. However, JPMorgan has not only made its mark in the real world but is now officially the first major bank in the Metaverse.

The multinational investment bank has reportedly opened a virtual lounge in the blockchain-based Decentraland. The reasons for opening the lounge are explained in more detail below.

It is anticipated that the Metaverse will benefit the cryptocurrency industry. This is because the Metaverse is expected to transform the digital world and significantly promote crypto adoption all over the world.

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JPMorgan Steps into the Metaverse

As mentioned earlier, JPMorgan has opened a virtual lounge in the Metaverse as an attempt to benefit from nearly a “$1 trillion” market opportunity.

This lounge is located in Decentraland’s Metajuku Mall and is called the “onyx lounge”. Players who visit the lounge are greeted by a digital portrait of JPMorgan’s CEO and a roaming tiger. As the players take the stairs and go up, they can see an executive’s presentation on the economics of digital assets.

The name “onyx” is after the in-house blockchain payments system of JPMorgan. This was revealed in a report by the bank, which also addressed different opportunities for companies in the Metaverse.

The report by the bank stated:

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.”

As per the report revealed by the bank:

  • The average price of virtual land has increased from $6,000 to $12,000 between June to December 2021.
  • The money spent on in-game advertising is expected to reach $18.4 billion per annum by 2027.

According to JPMorgan, there is a great number of creative individuals who are using Web 3.0 to benefit from their work in new ways and build the economy in the Metaverse.

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.”

Some of the most popular names in the world are interested in Metaverse, which is one of the reasons for its increasing mainstream adoption.

  • Adidas and Nike are reportedly moving to create shopfronts and products that are based on NFTs.
  • Samsung is opening a store in the Metaverse.
  • Disney has officially appointed a new executive who will lead the entertainment giant in the Metaverse.

What Should you Know as a Novice Crypto Investor?

There are a few improvements that need to be made in the Metaverse as well that will enable its full potential for community building, engagement and a lot more. Regardless, the Metaverse is anticipated to be one of the major factors that will boost the adoption of crypto on a global scale.

The crypto assets already have the spotlight with Bitcoin and Ethereum being at the top. Even though there are fluctuations seen in the prices of the top two cryptocurrencies, they have an undeniable value and prominence.

Therefore, if you are also interested in crypto investing, make sure you take a look at the price movements for digital currencies and choose one of the most popular crypto exchanges.

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