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JPMorgan, the largest bank in the US has become the first lender to enter the metaverse realm by opening a virtual lounge in Decentraland.
JPMorgan's Onyx Lounge in Decentraland
JPMorgan’s virtual lounge is named 'onyx lounge,' a term derived from the bank’s suite of blockchain payments services, situated in Decentraland’s Metajuku mall. https://twitter.com/WatcherGuru/status/1494177278745579521 The ground floor is an open space, and for some reason features a tiger walking around. Additional details include a digital portrait of JPMorgan CEO Jamie Dimon. The upstairs area comes with conference rooms with large monitor screens. Further exploration of the lounge would allow the visitors to view a presentation on the digital assets industry. During the unveiling of the lounge, the bank also released a report that provided bullish predictions details about the opportunities that can be found in the Metaverse.
“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,” the report read.
Growing Opportunities in the Metaverse
JPMorgan pointed out that an average piece of virtual land on virtual worlds like Decentraland and The Sandbox has risen from an average of $6000 to $12000 between June and December last year. In fact, consumers worldwide are already spending $54 billion on virtual goods every year and are likely to continue growing in the future, according to the bank.