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JPMorgan says that the metaverse will lead to new services and business models as companies like Walmart, Nike and Hulu jump into the nascent crypto sector.
In a new report, the banking giant says that the convergence of real and virtual worlds offers expanded opportunities for consumers, particularly those in developing nations.
“We are now at an inflection point, where it seems that not a day goes by without a company or celebrity announcing that they are building a presence in a virtual universe… One of the great possibilities of the metaverse is that it will massively expand access to the marketplace for consumers from emerging and frontier economies.
The internet has already unlocked access to goods and services that were previously out of reach. Now, workers in low-income countries, for example, may be able to get jobs in western companies without having to emigrate. Educational opportunities will also expand, with VR [virtual reality] worlds being a low-cost and effective way to access training. With these developments, there will also have to be clear governance.”
The report also says that the metaverse will give businesses across different industries more opportunities for growth.
“From a corporate perspective, there are opportunities to massively scale. Instead of having stores in every city, a major retailer might build a global hub in the metaverse that is able to serve millions of customers. Beyond retailers, the metaverse will turbocharge the shift in gaming, sports betting and gambling from cash to crypto.”
For the metaverse to realize its full potential, the paper says that key players like decentralized autonomous organizations (DAOs), businesses, projects, technology providers and financial institutions should work together to improve key areas in the space. Those areas include technology, commercial infrastructure, privacy and identity, the workforce of the future as well as regulation, tax, accounting and social infrastructure.
JP Morgan releases the report after launching a virtual Onyx lounge on the blockchain-based world of Decentraland (MANA), making it the first major bank to enter the metaverse.