Although nothing solid has yet to be seen, the metaverse’s networks are already spreading over the globe. As a result, JP Morgan Chase, a major American bank, has made a big investment in Decentraland, an Argentine project that provides a virtual world based on blockchain technology.
This financial firm, which is regarded as the largest in the United States, has opened an Onyx Lounge in the Metajuku area, a virtual facsimile of Tokyo’s Harajuku shopping district, which includes a digital likeness of CEO Jamie Dimon and a tiger wandering the first floor.
The onyx lounge, named after JP Morgan’s in-house blockchain payment system, was unveiled alongside a study outlining how businesses are growing in the metaverse and the reasons for their “exploding interest.”
The Wall Street bank estimates that the metaverse has a trillion-dollar annual revenue possibility as creators use Web3 to sell their work in innovative ways.
Many businesses’ futures are in the metaverse.
“When it comes to the Metaverse’s economics, there are opportunities in practically every market segment.” We’re not here to say that the Metaverse as we know it today will take over all human interactions; rather, we’re here to look at the many exciting potential it offers both consumers and marketers “In a report, the company stated.
JP Morgan points out in this piece that the metaverse is a big potential, and that corporations such as Walmart, Nike, Gap, Verizon, Adidas, and PwC, among others, have already jumped on board.
According to the survey, the average price of virtual land doubled from $6,000 to $12,000 between June and December of last year, based on data from four main metaverse platforms. Similarly, JP Morgan estimates that by 2027, ad expenditure in the metaverse will total $18.4 billion.
Despite the fact that the metaverse has evolved “very quickly” and that “it is difficult to base a business strategy in such a dynamic space,” the bank claims that “the asymmetric risk of being left behind is worth the incremental investment required to start and explore this new digital landscape on its own.” “..
As indicated by its own JPM Coin, the bank has been a proponent of blockchain technology and its usage in financial transactions. The metaverse’s attempt is another another step in its investment in the crypto and blockchain ecosystem’s infrastructure.
Decentraland is an Argentine initiative.
Decentraland is a project that functions in a shared virtual environment and runs on the Ethereum blockchain.
Decentraland is a project that functions in a shared virtual environment and runs on the Ethereum blockchain. Users can explore, interact, and have fun while buying and selling digital real estate.
In recent months, this open world has grown at a breakneck pace. Decentraland claimed to have around 1,500 active users each day at the end of December. It surpassed 10,000 in March of this year.
To date, they have sold more than 50 million dollars in terrains, avatars, assets, and complements, believe it or not. A plot of 41,000 square meters costs roughly 572,000 dollars for individuals considering investment.