The largest bank of the United States JP Morgan launched its first-ever 3D virtual lounge in Decetraland Metaverse. The bank unveiled its Lounge named ‘Onyx’ after the investment bank’s in-house blockchain business which started in December 2020.
JP Morgan is said to be the first-ever bank to launch a blockchain-based lounge in the hope to attract a $1T market. The Onyx Lounge is placed in the Metajuku Mall in Decentraland and visitors are welcomed with a roaring tiger. Also, visitors can realize a digital portrait of Banks CEO, Jamie Dimon on the wall. If players visit the lounge, on the first floor they can see an executive’s presentation on the economics of cryptocurrencies.
JP Morgan’s Head of Crypto & Metaverse Christine Moy said, “There is a lot of client interest to learn more about the metaverse”. She also stressed the different business models that banks can provide to the customers to capitalize on their system. She highlights more about the need for the current reality, next technology to be built, commercial infrastructure, privacy/identity, and workforce to maximize the full potential of Metaverse.
Metanomics- Economics about Metaverse
According to the report, metaverse offers opportunities to transact, socialize, create, own, experience in the virtual world. Additionally, many brands such as Walmart, Nike, Verizon, Gap, Adidas, Hulu, and so on are said to have adopted the blockchain economy very early. Interestingly, the market does realize the capabilities and indefinite market cap valuation in the virtual world.
Metaverse is penetrating every industry or you can say that every industry wants to be a part of the metaverse. It holds millions of opportunities from every perspective. The Metaverse is evolving right in front of our eyes ever since video games comes into existence. The gaming infrastructure has completed almost two decades and has shaped itself into some virtual reality stage where people can actually involve in some task.
It is surprising to know that the prices of virtual land doubled in the last six months and jumped to $12,000 from $6,000. The price increase was realized across all the four main Web 3.0 metaverse platforms. Also, in June 2021, a virtual land in Decentraland was sold for $913,000. The land was bought by the developer Every Realm (formerly Republic Realm) with an aim to build Metajuku Mall. It is inspired by Japan’s very famous Harajuku Shopping District.
As per the analysis, marketing and advertising are the biggest potentials of the meta-economy. It is expected that in-game ad spending will reach $18.41 billion by 2027. Further to this, there are millions of people in the virtual world who can be taken as the best opportunities for branding and enticing ad experience. Also, the report suggests a decent number of 45 million population present in the virtual world who attend the major concert held in Fortnite in the metaverse.