American investment bank JPMorgan has entered the metaverse with a virtual Decentraland Lounge, citing “immense economic opportunities”.
The bank announced on February 15 that it will be opening a lounge at a mall in Decentraland. As per the report, the metaverse has a US$1 trillion market opportunity in yearly revenue, and has the capacity to “expand access to the marketplace for consumers from emerging and frontier economies”.
Supply and demand dynamics are driving more people into the meta-economy. In turn, this will require the development of new skills and will also generate new way[s] of making money. After all, people will have to develop and build the products that are consumed in the virtual world – establishing huge opportunities for the creator economy.
JPMorgan announcement
The move makes JPMorgan the first bank to enter the metaverse – a virtual reality world where users can interact with each other socially and economically. The irony is that JPMorgan and CEO Jamie Dimon have long been detractors of Bitcoin and the crypto market:
JPMorgan was motivated by the large inflow of different companies entering the metaverse. Last week, Crypto News Australia reported that fast food giant McDonald’s is planning to enter the metaverse to build a “virtual restaurant featuring actual and virtual goods”.
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.
JPMorgan announcement
The metaverse has been growing in popularity in the past few months as more companies, especially tech giants such as Meta (formerly Facebook) and Microsoft, are deciding to explore its foundational technology to expand their business opportunities.
Edward Stanley, an equity strategist at Morgan Stanley, noted in November that the metaverse has “big investment opportunities” for all kinds of businesses, including gaming, fashion, real estate, fast food chains, etc.
Newsflow around the metaverse concept has been high and companies are embracing it in growing numbers. Of any major theme, companies and analysts have greater interest in the metaverse than any other theme at present.
Edward Stanley, equity strategist, Morgan Stanley
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
