JPMorgan has become the first bank to open a branch in the metaverse. Onyx, the bank’s Ethereum-based blockchain unit, set up a lounge in Decentraland. The Onyx lounge includes a spiral staircase, a tiger and an illuminated portrait of CEO Jamie Dimon.
JPMorgan also released a report exploring the business opportunities in the metaverse. The bank predicted the metaverse is poised to become a USD 1 trillion market/year opportunity in revenues soon. Through the report, the bank wanted to give the lay of land of the metaverse to interested clients, and outline its plans to explore opportunities in the metaverse.
Whether it’s large tech players such as Microsoft planning to create realistic workspaces, or Ariana Grande holding a concert in Fortnite, the opportunities presented by interactive, digital worlds seem limitless, the report read.
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The Global Head of Liink, Crypto & the Metaverse at JPMorgan, Christine Moy said the bank’s report will help “clients cut through the noise and highlight what we would love to see built or scaled next in commercial infrastructure, tech, privacy and identity, workforce and social governance.”
JPMorgan also released the average price rates of virtual real estate. The price of virtual land across major Web3 metaverse sites like Decentraland, The Sandbox and Somnium Space doubled towards the end of 2021, jumping from USD 6,000 in June to USD 12,000 in December.