(Cointelegraph) Banking giant JPMorgan has opened a virtual lounge in Decentraland as it takes a first mover advantage among peers into the “$1 trillion” market opportunity.
Visitors to JPMorgan’s lounge, located on Decentraland’s Metajuku mall, are welcomed by a roaming tiger and a digital portrait of the bank’s CEO Jamie Dimon.
The “onyx lounge” also allows players to walk upstairs and watch an executive presentation on the economics of cryptocurrency.
Labeling the metaverse a $1 trillion opportunity in yearly revenues, JP Morgan says $54 billion is already being utilized on virtual goods every year, double that on music.
JPMorgan also says the average price of virtual land hit $12,000 from $6,000 between June and December 2021, projecting that in-game advertising spending will reach $18.4 billion per year by 2027.
The bank opines that the Metaverse will potentially infiltrate every sector, mentioning the continued utilization of Web 3.0 by individual creators to monetize their work.
JPMorgan cites the democratic ownership economy offered by the Metaverse and the potential for interoperability as key to unlocking new opportunities in the digital economy.
The banking giant still warns that key areas, including commercial infrastructure and performance of avatars, need to be developed further for the full realization of the metaverse opportunities.
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