JPMorgan Expands to Metaverse: Opening Office on Decentraland

JPMorgan, one of the largest banks in the USA, has announced the opening of an office on the blockchain-based metaverse platform Decentraland.

The move is detailed in a report titled “Opportunities in the Metaverse,” which explores growth prospects related to the metaverse for businesses.

The report introduces JPMorgan’s metaverse office, named “Onyx Lounge,” on the Decentraland platform. It highlights that JPMorgan customers can now access Ethereum-based services in the virtual environment through this initiative.

The report emphasizes the expected impact of the metaverse on various sectors in the coming years, estimating an annual market opportunity exceeding $1 trillion.

Furthermore, the report outlines the participation of various companies in the metaverse, including Walmart, Nike, Gap, Verizon, Hulu, PwC, Adidas, and Atari.

Virtual goods expenditure is noted at $54 billion annually, with the current market value of NFTs standing at $41 billion.

Highlighting opportunities across diverse market areas within the metaverse universe, the report draws attention to the rapid increase in land parcel prices and the growing market for virtual real estate.

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