JPMorgan Enters the Metaverse With Virtual Decentraland

Lutfi

JPMorgan Enters the Metaverse With Virtual Decentraland
JPMorgan Enters the Metaverse With Virtual Decentraland

Rancakmedia.com – JPMorgan made a significant step into the Metaverse on Tuesday February 15, 2022, moving into the embryonic realm with virtual space in the popular blockchain-based environment Decentraland.

“Onyx Lounge” was launched alongside a study from the bank explaining the potential for metaverse-related developments for the company and the reasons for its “explosive interest.”

There is potential in almost every market sector when you think about metaverse economics or metanomics,” the bank noted. “We are not here to imply the metaverse, as we know it today, will take over all human interaction, but rather, to explore the many exciting potential it brings for consumers and marketers.”

Metaverse, JPMorgan says, offers a potential market of $1 trillion in annual revenue, as artists leverage Web3 to monetize their work in new ways.

“These economics of democratic ownership paired with the prospect of interoperability, may reveal enormous economic possibilities, where digital products and services are no longer held hostage to a particular gaming platform or brand,” according to the research.

The bank identified 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 doesn't know what I'm doing here. What is a metaverse?'” the message stated.

According to statistics from four leading metaverse sites, the average price of virtual land 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 by 2027, it said.

Although the metaverse has grown “very quickly,” and “it is difficult to create a business plan in such a dynamic space,” JPMorgan claims that the danger of “getting left behind is worth the extra effort required to get started.”

The metaverse move by JPMorgan follows similar communications with customers last month from Morgan Stanley.

Analysts at the bank believe the total addressable market (TAM) of China's first metaverse 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 begins to “disrupt offline activities,” such as real estate showings, car test drives, and schools.

“We anticipate the TAM metaverse to become widespread and grow beyond the current online consumer market, which is largely driven by e-commerce shopping and online entertainment,” the note added.

Conclusion

JPMorgan Enters the metaverse with virtual space in the popular blockchain-based environment Decentraland. The “Onyx lounge” was launched alongside a study from the bank explaining the potential for metaverse development related to the company.

The bank identified major companies such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari as early adopters and investors in the field. In-game advertising spending will reach $18,4 billion by 2027, JPMorgan said.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.