JPMorgan has built a virtual lounge in blockchain-based Decentraland to capitalize on a “$1 trillion” market opportunity.
JPMorgan Chase has made a big move into the Metaverse by building a digital lounge. Decentraland is a famous blockchain-based environment while JPMorgan Chase is the largest bank in the United States, . The bank said the industry could be worth $1 trillion.
The lounge in Decentraland’s Metajuku mall features a roaming tiger and a digital picture of JPMorgan CEO Jamie Dimon. Players can watch an executive’s presentation on bitcoin economics if they go upstairs.
JPMorgan introduced the “onyx lounge,” called after the bank’s internal blockchain payments system. A whitepaper, explaining the Metaverese’s economic opportunities, accompanied the onyx lounge.
With over $1 trillion in annual income potential, the Metaverse could permeate every sector in the following years.
By 2027, in-game advertising spending could reach $18.4 billion annually.
Furthermore, JPMorgan sees a surge of independent producers using Web3 to market their work in new ways as driving the Metaverse’s new economy.
Efforts by Adidas and Nike to make NFT-based items and shopfronts show that big brands are making the Metaverse mainstream. Also, there is the opening of a Metaverse store by Samsung.
Disney named Mike White CEO of its Metaverse initiative this morning to emphasize this point. According to Disney CEO Bob Chapek’s comments, the company is working to improve its storytelling abilities in the digital space. In addition, we may build a new paradigm for how audiences experience and interact with our tales by integrating these universes.
According to a section titled “Navigating hype vs. reality,” the further development of the Metaverse would help in its involvement, community development, self-expression, and commerce. The survey also highlighted low-avatar efficiency and commercial infrastructure difficulties.