JPMorgan Opens a Lounge in the Metaverse After Stating the $1 Trillion Market 'Will Likely Infiltrate Every Sector'
Global Investment bank JPMorgan says, “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 firm has set up a lounge in Decentraland.Global Investment bank JPMorgan recently published a report titled “Opportunities in the metaverse.” The report is authored by Christine Moy and Adit Gadgil. Moy is the global head of Liink, Crypto & the Metaverse at Onyx by J.P. Morgan.
The report cites research by Grayscale Investments which states: “The metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.” “As a result, we see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others,” the authors wrote.
JPMorgan proceeded to outline its approach to the metaverse. “The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds,” the authors explained, adding:The investment bank has set up an “Onyx by J.P. Morgan” lounge in Decentraland. The ground floor is an open space with a tiger walking around and a portrait of JPMorgan CEO Jamie Dimon.
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