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JPMorgan enters the metaverse with the launch of a virtual lounge.

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JPMorgan recently published a whitepaper on the metaverse, estimating that the burgeoning virtual environment might represent a $1 trillion annual market opportunity as creators harness Web3 to monetize their work in creative ways.

Additionally, the investment bank has established a lounge in Decentraland, dubbed “Onyx,” a blockchain-based virtual world.

 JPMorgan is one of the world’s largest financial firms, managing about $4 trillion in assets (AUM).

See also: Five cryptocurrencies set to explode in 2022.

 According to the whitepaper’s authors, managing directors Christine Moy and Adit Gadgil, several technologies are convergent and contributing to a “new technological era,” and the metaverse may serve as the catalyst for fusing them into a “integrated immersive experience.”

 According to Moy and Gadgil, the metaverse could represent a $1 trillion annual economic opportunity due to its near-certain penetration of every sector in the next years.

 “When the economics of the metaverse are considered,” they concluded, “there is opportunity in virtually every market category.”

 JPMorgan identified Adidas, Atari, Gap, Hulu, Nike, Walmart, and Verizon as early investors in the blockchain economy.

 JPMorgan Leads Virtual Reality Campaign

 The metaverse is a virtual environment comprised of cutting-edge internet technology, such as virtual gatherings, online commerce and gaming, and digital currency.

 At the moment, the Sandbox, Decentraland, Cryptovoxels, and Somnium Space are the three most popular Web3 metaverse worlds.

 According to JPMorgan’s whitepaper, the average price of a parcel of land in virtual worlds has been constantly increasing.

See also: Is Bitcoin still a good investment in 2022?

 Costs of virtual real estate nearly doubled in the second half of 2021, rising from an average of $6,000 in June to $12,000 in December. According to the bank based in New York, business operations undertaken in virtual domains, such as virtual property development, may soon rival those conducted in the actual world.

According to JPMorgan, mortgages, rental agreements, and loans may all become a reality in the virtual stratosphere in the coming years.

Community-Building in the Metaverse

 Socially, as more realistic virtual experiences become available, people can establish communities around shared values and express themselves more truthfully.

 We already have access to goods and services that were previously unavailable.

 Despite JPMorgan’s vision into the metaverse, the bank is not the only significant player to have spotted the accelerating momentum.

See also: Solana Price Prediction for 2022.

Grayscale, a digital asset management startup, forecasted a $1 trillion market for the metaverse in November. Additionally, Goldman Sachs stated that space is worth several trillion dollars.

 Other large companies, including McDonald’s and Samsung, have accelerated their efforts to replicate Facebook in response to the frenzy.

The metaverse is the unifying force that binds these disparate aspects together into a single, “cinematic” experience.

 As this simulated region grows in size, it is probable that other institutional entities may join JPMorgan in the virtual arena.

 

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