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JPMorgan Opens A Lounge In The Metaverse



JPMorgan, the global Investment bank, has recently published a report titled “Opportunities in the metaverse,” as it is opening a lounge in the metaverse.


It has been reported that the report is authored by Christine Moy and Adit Gadgil. Moy is the global head of Liink, Crypto & the Metaverse at Onyx by JP Morgan. Gadgil is the head of e-commerce solutions at JP Morgan Payments.


The JPMorgan report stated:

“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”

Grayscale Investments stated:

“The metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”

The authors wrote:

“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 others.”

However, JPMorgan proceeded to outline its approach to the metaverse.


The authors added:

“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.”

The report said that the investment bank has set up an “Onyx by JP Morgan” lounge in Decentraland. The ground floor is an open space with a tiger walking around and a portrait of JPMorgan CEO Jamie Dimon.

The lounge is upstairs where there is a big table with documents on it and large monitor screens.


The JPMorgan report cautions:

“The components of the metaverse continue to evolve very quickly,” making it “difficult to base a business strategy on such a dynamic space.”

Thus, the authors emphasized:

“The costs and risks of engaging early and consistently in order to build internal intellectual property, develop hypotheses about future business models, and identify ecosystem partners and collaborators are relatively low. The asymmetrical risk of being left behind is worth the incremental investment needed to get started and to explore this new digital landscape for yourself.”

Source: Bitcoin News


 

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