JPMorgan has become the first major and major bank to officially enter the world of metaverse, after the bank opened a virtual lounge in Blockchain-based Decentraland in an attempt to capitalize on an opportunity A market value of one trillion dollars.
Visitors to the lounge, located in the Metagoku Mall in Decentraland, are greeted with a roaming tiger and a digital portrait of Jimmy Dimon, CEO of JPMorgan. And if players go upstairs, they can watch the CEO's presentation on the economics of cryptocurrencies.
The Onyx Lounge, named after JPMorgan's internal blockchain payments system, has been revealed along with a report from the bank, detailing the types of opportunities The business that companies can expect in metaverse.
Metavirus is likely to infiltrate every sector in some way in the coming years, according to Cowen Telegraph, with the market opportunity estimated at more than $1 trillion from annual revenue, while also highlighting that $54 billion is actually spent on virtual goods each year - double the amount spent on purchasing music.
The report also notes that the average price of virtual land doubled from $6,000 to $12,000 between June and December of last year, and ad spending is expected to reach within the game to reach $18.4 billion annually by 2027.
JP Morgan has identified a dash of individual creators using Web3 to monetize their businesses in new ways as the driving force behind the new economy being built in metaverses.
The rise in mainstream adoption of metaverse is also driven by interest from huge brands, notes JP Morgan, citing the move by companies like Adidas and Nike to create products and interfaces. Stores relying on non-destructible tokens as well as Samsung's opening of a Metaverse store, are huge steps forward in adoption.
As if to underscore the point, Disney announced Wednesday morning that it has officially appointed a new CEO, Mike White, to lead its trial for the metaphysics.
According to a note from Disney CEO Bob Chapek, Disney is looking to expand its storytelling prowess to the digital world. “Today, we have the opportunity to connect those universes and create a whole new paradigm for how audiences experience and interact with our stories,” Chapek said.
