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JP Morgan has joined the Metaverse. The largest bank in the U.S. has secured its spot in Decentraland.
Decentraland is a game that allows users to build land and create assets from scratch. It also allows them to build rooms, buildings – and entire cities.
In the heart of the game’s Metajuku district, a play on Tokyo’s Harajuku shopping district, JP Morgan built its Onyx lounge.
Chilling in JPMorgan's metaverse lounge in Decentraland
They have a Tiger pic.twitter.com/LcTdaLm3Yg
— Frank Chaparro (@fintechfrank) February 15, 2022
Named after its crypto initiative, the Onyx lounge features a tiger roaming the floor, as well as floating NFTs. Of course, it also has a picture of its CEO Jamie Dimon.
Visited the JP Morgan’s shop on Decentraland in a Japanese shopping centre. Looks horrible. 🤢
[that’s not my avatar, its a guest a/c] pic.twitter.com/X88AebvqCa
— Santosh P 〽️ (@santoshp) February 16, 2022
JP Morgan is not alone – far from it. Companies like Samsung have already launched their flagship projects in Decentraland.
Major companies want to be present in something that they see as an upcoming trend.
Are we going to see others do the same?
Is it worth to follow #Samsung or it's just trending?
— Khaled Belfas (@Khaled_belfas) January 10, 2022
Due to the prospect of major companies joining in, land values skyrocketed. A plot of land in Decentraland is already at $12,000.
These price increases also invite speculation, and it’s not clear whether they are sustainable.
MANA Token Up 10%
Moreover, Decentraland is not the only Metaverse game out there. Its main competitor is Sandbox, a game that is currently in its alpha stage.
That’s why the news of JP Morgan’s initiative sent Decentraland’s MANA token up 10%. Investors saw the news as a vote of confidence for Decentraland. At the same time, the Sandbox token (SAND) was only up 0.5%.
Both of the games use blockchain tech – which many consider key for the future Metaverse. That includes NFTs for land and assets, as well as its crypto token.
Still, investors might have overlooked the more significant part of the JP Morgan announcement.
Metaverse To $1 Trillion
Together with the lounge, the bank unveiled its report on the opportunities in the metaverse.
The largest bank in the U.S. says that the collection of virtual reality worlds will be worth $1 trillion.
As a result, 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 other
Even now, there is a growing demand for virtual goods, especially in gaming.
Every year, $54 billion is spent on virtual goods, almost double the amount spent buying music
Specifically, games like Second Life produced $650 in virtual goods in 2021. Many called the game a sort of a precursor to the Metaverse. Moreover, creators of virtual assets in the game earned some $80 million in revenue last year.
What is more, blockchain-based Metaverse games might have even more revenue potential.
JP Morgan and Crypto
JP Morgan sees its role in the space as a financial intermediary. It will allow its users to send their money from the physical world to the Metaverse and back.
The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds. Our approach to payments and financial infrastructure will allow that interoperability to grow.
This is not the bank’s first entry into the crypto space. Earlier this month, the bank issued JPM Coin – a permission-shared ledger system for payments. The coin will allow its clients to transfer USD held with the bank.
The coin is a part of Onyx, JP Morgan’s crypto initiative.