JP Morgan Enters Metaverse 🛋️

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JP Morgan Enters Metaverse

J.P. Morgan opened up an “Onyx lounge” in the metaverse on Tuesday, a virtual lounge in the blockchain-based world of Decentraland.

Within Decentraland, users can buy virtual plots of land in the form of NFTs and make purchases using cryptocurrency backed by the Ethereum blockchain.

JPMorgan is the first bank to set up a metaverse office. But it follows on the now well-trodden path of big brands, businesses, and influencers entering the metaverse.

The bank’s metaverse launch coincided with the release of a paper by Onyx, JPMorgan’s blockchain arm launched in 2020, which explores the opportunities offered by the metaverse.

The “Onyx lounge” was unveiled along with a report from the bank outlining metaverse-related growth opportunities for businesses and causes for its “explosive interest.”

“When you think about the economics of the metaverse — or metanomics — there are opportunities in almost every market area.” the bank wrote. “We are not here to suggest the metaverse, as we know it today, will take over all human interactions, but rather, to explore the many exciting opportunities it presents for consumers and brands alike.”

In the report, titled “Opportunities in the Metaverse,” JP Morgan stated that the niche “will likely infiltrate every sector in some ways in the coming years, with the market opportunity estimates at over $1 trillion in yearly revenues.”

The report cited the entry of mainstream brands including Walmart, Nike, and Adidas into metaverse, prompting business leaders to ask, what is metaverse strategy?”

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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