JPMorgan Chase & Co. took a significant step into the metaverse on Tuesday, launching a virtual lounge in the popular blockchain-based realm of Decentraland.
The “Onyx lounge” was revealed alongside a bank report explaining metaverse-related corporate growth potential and reasons for its explosive interest.
There is potential in practically every market area when you consider the mechanics of the metaverse — or metanomics, the bank stated. They’re not here to claim that the metaverse, as we understand it now, will take over all social interactions; rather, they’re here to investigate the numerous intriguing prospects it brings for both consumers and marketers.
According to JPMorgan, the metaverse has a $1 trillion annual revenue market opportunity as creators use Web3 to commercialize their work in fresh ways.
According to the research, this democratic ownership economy, combined with the prospect of interoperability, might unlock huge economic opportunities, in which digital products and services are no longer prisoner to a single gaming platform or brand.
PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu, and Atari are among the early users and investors in the blockchain economy, according to the bank.
According to data from four leading metaverse platforms, the typical price of virtual property has doubled in six months, from $6,000 to $12,000. In-game advertising spending is expected to reach $18.4 billion by 2027, according to the bank.
JPMorgan’s metaverse action follows a similar communication to clients from Morgan Stanley last month.
The metaverse’s initial total addressable market (TAM) in China, according to analysts at the bank, will be over $4 trillion as it replaces mobile internet with a more immersive experience. That sum is expected to rise to $8 trillion once the metaverse begins disrupting offline activity, such as real-estate exhibitions, vehicle test drives, and schooling.
