In over 100 countries, J.P. Morgan is a worldwide leader in financial services. With providing solutions to the world’s most significant enterprises, governments, and organizations.
JPMorgan Chase said in early 2018 that by 2023, it will have invested $1.75 billion in charitable capital throughout the world.
They also organize voluntary service events for workers in their communities, leveraging our many advantages. Including money, economies of scale, worldwide connections, and experience.
First bank to enter the metaverse
The crypto world is exploding at breakneck speed. It’s the first time a bank has established itself in the metaverse, in a world that isn’t quite real.
JP Morgan has opened a lounge in Decentraland, a virtual 3-D environment made entirely of blockchains.
It’s known as the ‘Onyx’ lounge. JP Morgan is the largest bank in the United States, and it is now possible that it is also the largest bank in the metaverse.
MANA, Decentraland’s virtual currency, has increased by 10% in just six months. A significant increase, all because of JP Morgan’s entry.
The lounge has a tiger logo, and inside, one can simply listen to crypto news and updates. This might be a big step towards people’s 3-D dreams for those who trust the crypto world. The bank also believes in the metaverse’s ability to affect the future.
According to JP Morgan, the metaverse offers a $1 trillion (approximately Rs. 75,00,000 crore) annual revenue market opportunity.
Decentraland Concept
In the crypto realm, Decentraland is not a brand-new concept.
How we were taught that we needed to have a home of our own and that in order to do so, we needed to work hard. It’s the same thing, but…online.
Non-fungible tokens are used to buy and sell virtual land in Decentraland (NFTs). Those transactions go place daily, but one recent acquisition by investors raised the stakes to a whole new level.
In the realm of Decentraland, virtual land is bought and sold at a price of $913,228.20. Those deals go place daily, but one recent acquisition by investors raised the stakes to a whole new level.
The $913,228.20 purchase price is the most profitable NFT land transaction ever. Basically, it’s a game where the rich grow richer.
You may buy virtual plots of land using non-fungible tokens, or NFTs, and make other cryptocurrency purchases in the virtual lounge.
Bank’s understanding
JP Morgan published a comprehensive report on the metaverse’s potential.
The Onyx Lounge, a virtual environment created by the bank, was revealed alongside a paper detailing the commercial prospects available in the metaverse.
“In the next years, the metaverse will certainly penetrate every industry in some form,” according to the report, which estimates the market opportunity at over $1 trillion (€880 billion) in annual profits.
JP Morgan has stated that it intends to “play a big role in the metaverse,” and that it may assist with difficulties in the virtual world that are now dealt with in the actual world, such as account validation and fraud protection.
Last October, when Facebook announced it was changing its name to Meta to reflect its focus on the virtual world, where users will work and socialize, interest in the metaverse skyrocketed. The metaverse, which already exists in gaming, has the potential to give tremendous advertising opportunities, which Nike is currently attempting to tap into with NFT-based products and storefronts.
The average price of virtual land increased from $6,000 (€5,000) to $12,000 (€10,000) between June and December last year, according to the JP Morgan analysis. In-game advertising expenditure is expected to reach $18.4 billion (€16 billion) per year by 2027, according to the report.
“This democratic ownership economy, along with the prospect of interoperability, might uncover huge economic opportunities,” according to the report, “where digital products and services are no longer hostages to a single gaming platform or brand.”
Metaverse to expand
Because of the trend, we may expect many more corporations to create branches in the metaverse in the next years. These are the same firms that first dismissed the concept of a metaverse, but seems like things will change.
