JPMorgan Enters the Metaverse With Virtual Decentraland
Rancakmedia.com – JPMorgan made a significant step into the Metaverse on Tuesday 15 February 2022, moving into the embryonic realm with virtual space on the popular blockchain-based environment Decentraland.
“Onyx Lounge” was launched alongside a study from the bank explaining the metaverse-related development potential for the company and the reasons for its “explosive interest”.
There is potential in almost every sector of the market when you think about metaverse economics or metanomics," the bank noted. "We're not here to imply the metaverse, as we now know it, will take over all human interaction, but rather, to explore the many exciting potentials it brings to consumers and marketers alike."
The Metaverse, JPMorgan says, offers a potential market of $1 trillion in annual revenue, as artists leverage Web3 to monetize their work in new ways.
“This economy of democratic ownership, coupled with the prospect of interoperability, may reveal a huge economic possibility, in which digital products and services are no longer held hostage to certain gaming platforms or brands,” according to the study.
The bank identifies major companies such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari as early adopters and investors in the blockchain economy.
JPMorgan Enters the Metaverse with Virtual
CEOs and boardrooms around the world are wondering, 'What is my metaverse strategy?'” The Metaverse has no idea what I'm doing here. What is the metaverse?'” the message stated.
According to statistics from four leading metaverse sites, the average virtual land price has increased from $6,000 to $12,000 in just six months last year. In-game advertising spending, according to the bank, will reach $ 18.4 billion in 2027, he said.
Even though the metaverse has been growing “terrifyingly fast,” and it is “difficult to come up with a business plan in such a dynamic space,” JPMorgan claims that the danger of “getting behind is worth the extra effort it takes to get started.”
The metaverse move by JPMorgan follows similar communications with customers last month from Morgan Stanley.
Analysts at the bank believe China's first metaverse total addressable market (TAM) will be around $4 trillion, as it replaces mobile internet with “more immersive experiences.” This number is expected to increase to $8 trillion as the metaverse starts “interfering with offline activities”, such as real estate gigs, car test drives and schools.
"We anticipate the TAM metaverse to expand and grow beyond today's online consumer marketplace, which is largely driven by e-commerce shopping and online entertainment," the note added.
JPMorgan Enters the metaverse with virtual space on the popular blockchain-based environment Decentraland. “Onyx lounge” was launched alongside a study from the bank that sheds light on the development potential of the enterprise-related metaverse.
The bank identified large companies such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari as early adopters and investors in the field. In-game ad spend will reach $ 18.4 billion by 2027, says JPMorgan.