JPMorgan, the largest bank in the United States, has opened a virtual lounge in the metaverse, inside Decentraland, a project completely based on blockchain technology. Analysts at the bank have come to estimate that the sector is a $1 trillion opportunity.
Named the Onyx Lounge after the bank's in-house blockchain payments system, users can visit the virtual lounge at Decentraland's Metajuku Mall. As you climb the stairs, you can watch an executive talk about the cryptocurrency economy.
In a report, analysts say there are many business opportunities that companies will find in the metaverse. According to the document: “The Metaverse is likely to infiltrate all industries in some form over the next few years, with the market opportunity estimated at more than $1 trillion in annual revenues,” also noting that $54 billion is already in the pipeline. being spent on virtual goods each year – twice the amount spent on purchasing music.
The report notes that the average price of virtual land has doubled between June and December of last year and predicts in-game advertising spending will reach $18.4 billion a year by 2027.
Growing adoption of the metaverse is also being driven by interest from big brands, JPMorgan noted, citing Adidas and Nike's move to create products and showcases based on non-fungible tokens, as well as Samsung's opening of a metaverse store as huge steps forward in adoption.