JPMorgan has also entered the metaverse to take advantage of the $1 trillion market opportunity.
JPMorgan has opened a virtual co-working space in the blockchain-based Decentraland, after predictions that the metaverse has a $1 trillion market potential in terms of annual revenue and that virtual worlds will somehow infiltrate all areas in the coming years. JPMorgan is officially the first bank to enter the metaverse.
The virtual lounge features a portrait of CEO Jamie Dimon on the wall, but users can also see a tiger walking up and down the wall - from a Fortune. The bank expects that over time, banking services such as credit, mortgages and rentals will enter the metaverse market, but already $54 billion is spent on virtual goods each year, twice as much as on music.
$MANA $SOL $ETH $JPM JPMorgan's new lounge in Metajuku mall in Decentraland. Visitors are greeted by a digital portrait of Jamie Dimon and a roaming tiger 🥇 pic.twitter.com/cAZgVMFTj5
- Maggie (@Weather40813438) February 16, 2022
Mark Zuckerbeg announced last year that he was turning the social media empire into a metaverse company, even changing the name of the parent company from Facebook to Meta. A metaverzum is much more than a traditional social networking site: it is a 3D community space that brings together different virtual spaces where users can work, play and socialise. And interest in the technology is growing, with major companies such as Microsoft, Samsung, Nike and McDonald's.
