Financial giant JP Morgan has become the first bank to enter metaverse after opening a lounge in the virtual reality platform Decentraland (MANA).
Calling its virtual branch the ‘Onyx Lounge,’ JP Morgan has named the platform after its blockchain division ‘Onyx’. The division is a crypto-focused unit that offers a suite of permissible Ethereum-based services.
JP Morgan’s virtual branch is located at the Metajuku mall in Decentraland, a virtual shopping district inspired by Harajuku, a renowned district in Tokyo. The lounge features a portrait of JP Morgan CEO Jamie Dimon, a wandering tiger, and a set of stairs that leads to a room where avatars of experts offer a presentation on the crypto economy.
Along with the announcement, the banking giant unveiled a white paper discussing the growing opportunities that come with metaverse. The report explored the basic fundamentals of the metaverse, how it has evolved, the difference between Web2 and Web3 approaches towards metaverse, and more.
Precisely, the report traversed through the various business opportunities for people and brands that come with metaverse adoption. JP Morgan has estimated the metaverse market opportunity to grow over $1 trillion in yearly revenues in the coming years.
“From a social perspective, the development of more immersive virtual experiences is helping people to build communities based on shared values, and to express themselves in more authentic ways,” the report read. It added:
“Supply and demand dynamics are driving more people into the meta-economy. This, in turn, will necessitate the development of new skills and generate new opportunities to make 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.”
In addition to B2C opportunities, the report highlighted the benefits for business-to-business enterprises, expansion of education opportunities, convenience to retail businesses, and more.