JPMorgan has become the first bank to officially launch in the metaverse with a virtual lounge in popular blockchain-based world Decentraland.
The “Onyx lounge” was unveiled along with a report from the bank outlining metaverse-related growth opportunities for businesses and causes for its “explosive interest.”
“When you think about the economics of the metaverse — or metanomics — there are opportunities in almost every market area.” the bank wrote.
“We are not here to suggest the metaverse, as we know it today, will take over all human interactions, but rather, to explore the many exciting opportunities it presents for consumers and brands alike.”
The metaverse, JPMorgan said, has a market opportunity of $1 trillion in yearly revenue, as creators tap Web3 to monetize their work in new ways.
“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,” according to the report.
The bank cited household names such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari as early adopters and investors in the blockchain economy.
“Business leaders and boardrooms around the world are now asking themselves, ‘What is my metaverse strategy? What am I supposed to be doing in the metaverse? What is the metaverse anyway?’” the note said.
In the virtual lounge, you can buy virtual plots of land with non-fungible tokens, or NFTs, and make other purchases using cryptocurrency.
