Investment banking giant JPMorgan Chase has become the first bank to enter the metaverse by opening of a "lounge" in Decentraland, one of the world’s most popular metaverse platforms.
The bank opened up a lounge on Tuesday in metaverse -- a virtual lounge in which users are greeted by a digital portrait of Jamie Dimon, JPMorgan's CEO, and a roaming tiger. The users can buy virtual plots of land in the form of non-fungible tokens (NFTs) through this virtual branch. The virtual lounge was established by Onyx, the bank’s blockchain unit.
In addition, the bank said users can make purchases through the Ethereum blockchain.
The bank’s metaverse launch coincided with the release of a paper by Onyx which explores the opportunities offered by the metaverse.
According to the bank's report, JPMorgan expects the metaverse to become a $1 trillion market opportunity in yearly revenues, given that its virtual worlds will "infiltrate every sector in some way in the coming years,". On the other hand, its Wall Street rival Goldman Sachs predicts the metaverse will become an $8 trillion market.
According to the bank, $54 billion is spent on virtual goods every year, almost double the amount spent buying music.
It's worth noting that JPMorgan has been working relentlessly to build out its blockchain and crypto expertise and infrastructure. Onyx’s global head, Christine Moy, said in a Bloomberg interview, that its unit is now focused on “providing infrastructure” like blockchain and payments tech to clients, which include game publishers.
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