JPMorgan became the first major bank to open an enterprise in the metaverse

The company stated that the amount of costs spent on virtual goods is already reaching $54 billion a year

16.02.2022 - 16:00

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What’s new? JPMorgan, the largest US bank, has opened a virtual lounge in the Decentraland metaverse. The Onyx Lounge, named after JPMorgan’s own blockchain payments system, was presented along with the bank’s report. It describes the types of business opportunities that the companies can find in the metaverse.

JPMorgan’s report

What does the bank’s report say? The report notes that the average price of virtual land has doubled from June to December 2021, from $6 000 to $12 000. In-game ad spending is predicted to reach $18,4 billion per year by 2027.

“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues. Every year, $54 billion is spent on virtual goods.”

What does JPMorgan attribute the metaverse’s popularity to? The increasingly widespread phenomenon is due to the interest from major brands, JPMorgan noted. The bank’s representatives call Adidas and Nike’s activities to create NFT-based products and storefronts, as well as Samsung’s opening of a metaverse store a big step forward.

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