The Metaverse,opening a virtual lounge in the popular blockchain-basedworld Decentraland after it labelled the sector as a $1 trillionopportunity.
Visitorsto the lounge, situated in Decentraland’s Metajuku mall, are greetedby a roaming tiger and a digital portrait of Jamie Dimon, the CEO of JPMorgan.If players walk upstairs, they can watch an executive’s presentation on theeconomics of cryptocurrency.
The“onyx lounge”, named after JPMorgan’s in-house blockchain payments system was unveiled alongside a report from the bank, detailing thetypes of business opportunities companies can expect to find in the Metaverse.
Thereport states: ”The Metaverse will likely infiltrate every sector in some wayin the coming years, with the market opportunity estimated at over $1 trillionin yearly revenues”, while also highlighting that $54 billion is already beingspent on virtual goods each year—twice the amount spent buying music.
JPMorganhas identified a rush of individual creators utilizing Web3 to monetize theirwork in new ways as a driving force behind the new economy being built in theMetaverse.
“Thisdemocratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and servicesare no longer captive to a singular gaming platform or brand." theyquoted.
Increasing main stream adoption of the Metaverse is also being driven by interest frommassive brands, notes JPMorgan, citing Adidas and Nike’s move tocreate NFT-based products and shopfronts as well as Samsung opening a Metaverse store as enormous steps forward in adoption.
