The lounge in Decentraland’s Metajuku mall features a roaming tiger and a digital picture of JPMorgan CEO Jamie Dimon.
JPMorgan Chase, the world’s largest bank, has built a virtual lounge in Decentraland, a popular blockchain-based ecosystem.
Onyx Lounge
The lounge in Decentraland’s Metajuku mall features a roaming tiger and a digital picture of JPMorgan CEO Jamie Dimon. In fact, players can watch an executive’s presentation on bitcoin economics if they go upstairs.
They launched the “onyx lounge” alongside a JPMorgan paper explaining Metaverse’s business opportunities.
Moreover, “The Metaverse” will surely infiltrate every sector in the coming years, generating over $1 trillion in revenue annually. The annual spend on virtual goods is $54 billion, more than twice the yearly spend on music.
Virtual Land Price Surges
In-game advertising could reach $18.4 billion by 2027, up from $6,000 this year.
An increase in independent producers using Web3 to advertise their work drives metaverse’s new economy.
Also, no longer reliant on a single game platform or brand, this democratic ownership system has huge economic possibilities.
Adidas and Nike have NFT-based items and shopfronts, and Samsung has a Metaverse store, according to JPMorgan.
Furthermore, Disney said today that Mike White, its new CEO, will lead the firm into the Metaverse to reinforce the point. According to Disney CEO Bob Chapek’s memo, Disney aims to improve its narrative skills digitally. Besides, he believes they can now connect those realms and build a new paradigm for storytelling.
However, the JPMorgan assessment was not all positive.
There should be an improvement of key areas for the Metaverse to completely fulfill interaction, community building, self-expression, and commerce. This points to weaknesses in the entire user experience, as well as poor avatar performance and commercial infrastructure issues.
