One of the biggest banks in the US is joining the metaverse hype. JPMorgan Chase & Co just opened a virtual shop called "Onyx Lounge" on the Metajuku mall in Decentraland. Experts say this digital space might be a market opportunity worth over $1 trillion!
Many fans on the internet are probably familiar with the metaverse. This is a rapidly growing network of 3D virtual worlds which aims to be the next level of technological connection, like the internet.
Note that since the metaverse is an online world, people can only operate the area through the use of digital avatars. Most of the metaverse is reliant on blockchain technology, which means its primary mode of payment is cryptocurrency.
Metaverse and Decentraland
Up to date, many people are skeptical of the metaverse's market potential. Critics point out that digital goods can hardly equate to physical goods in the long run. However, JPMorgan argues otherwise.
According to Blockworks, JPMorgan said, "this democratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand."
As a sign of growing change, companies like Adidas and Nike have started creating NFT-based products and shopfronts. The popular electronics company Samsung also joined the hype by opening its own Metaverse store.
JPMorgan is marching forward with its investments in the metaverse, starting with its recently opened Onyx Lounge.
JPMorgan Metaverse: The Onyx Lounge
Sources from Coin Telegraph describe the unique digital space that JP Morgan has taken over. The lounge is situated in Decentraland's Metajuku mall, which is recognizable by a tiger "mascot" and the digital portrait of Jaime Dimon, CEO of JPMorgan. Note that a bright red sign should also be visible on the side of the building.
Fans are free to visit and walk around the Onyx Longue. Note that if avatars walk upstairs, they can watch exclusive presentations about stocks and the economics of cryptocurrency.
Coin Telegraph also quoted another interesting message from JPMorgan. The bank reportedly said that "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."
It is worth mentioning that $54 billion is already being spent on virtual goods in these past couple of years, so the declaration is not impossible. JPMorgan also predicts that virtual land might soon double the price from $6,000 to $12,000. The bank said the digital marketplace might spike sometime in 2027.
Since JPMorgan alone made these speculations, it is hard to determine whether they are right or wrong. Admittedly, there are a lot of factors that can affect the metaverse, however, this is not a guarantee for its success.
For now, fans are recommended to wait and watch out for updates. They can also try visiting the Onyx lounge when they have the time.
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