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JPMorgan: Metaverse will soon become the king maker

  • According to JPMorgan, “The Metaverse will undoubtedly permeate every industry in some form in the years to come,” with annual sales in excess of $1 trillion.
  • The market opportunity is estimated to be in excess of $1 trillion.” The firm has opened a lounge in Decentraland.

JPMorgan is Metaverse

JPMorgan Chase recently published a paper entitled “Opportunities in the Metaverse.” Christine Moy and Adit Gadgil wrote the report. Moy is Onyx from JP Morgan’s global head of Link, Crypto, and the Metaverse. Gadgil of JP Morgan Payments is the Head of E-Commerce Solutions.

According to the Grayscale Investments study, “The Metaverse is expected to represent a trillion-dollar revenue potential encompassing advertising, social commerce, digital events, hardware and monetization for developers/creators.”

“As a result,” the authors say, “we are seeing companies of all shapes and sizes embracing the metaverse in various ways, including major brands like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others.”

JPMorgan then described their approach to the Metaverse. “Having a robust and flexible financial infrastructure that allows users to seamlessly connect between the physical and virtual worlds is built on the success of building and expanding in the Metaverse,” the authors write.

In Decentraland, the investment bank has set up an “Onyx by JP Morgan” lounge. The lowest level is an open area with a tiger and a photo of Jamie Dimon, CEO of JPMorgan. The lounge is upstairs and has a wide table with documents and a large TV.

“The components of the metaverse continue to expand extraordinarily rapidly,” according to the JPMorgan report, making it “difficult to create a commercial plan for such a dynamic domain.”

“The costs and risks of early and frequent participation in building internal intellectual property, exploring ideas for future business models, and discovering ecosystem partners and collaborators are relatively low,” the authors write.

They went on to say that the asymmetric 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 becomes the first bank to open a branch in Metaverse. The largest bank in the United States has set up a lounge in the blockchain-based world of Decentraland. Users can create virtual avatars, build virtual rooms, and roam the “Onyx Lounge,” named after their suite of Ethereum-based services. A digital image of the bank’s CEO, Jamie Dimon, is also on display in the lounge.

The company believes the world has reached a critical juncture. There isn’t a celebrity or organizational insight that doesn’t build or ponder their identity in the metaverse. While it’s true that record-breaking transactions fuel the hype surrounding the metaverse,

Andrew is a blockchain developer who developed his interest in cryptocurrencies while in college. He is a keen eye for detail and shares his passion for writing with his work as a developer. His backend knowledge of blockchain helps bring a unique perspective to his writing

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