The largest bank in the USA, JPMorgan, Blockchain based virtual world Decentraland by announcing the opening of an office in the universe in the metaverse It was the first credit institution in the world.
JPMorgan Establishes An Office In The Decentraland Universe, Called Onyx
JPMorgan, which has opened an office called Onyx in the Decentraland universe, also published an article addressing the opportunities businesses can find in the Metaverse world. The name Onyx is what the company already offers. Ethereum was chosen as a reference to based services.
of JPMorgan cryptocurrency and Metaverse executive, Christine Moy, said in her statements on the subject:
“We get a lot of requests from our customers to learn about the Metaverse. We have also published a comprehensive report so that our customers can understand the current situation without unnecessary information pollution. In the report we prepared, we touched upon what needs to be built within this technology, its commercial infrastructure, privacy/identity issues and workforce concepts in order for our lives in Metaverse to reach its full potential.”
NFT With the adoption of technologies such as the mainstream, the concept of Metaverse had developed very rapidly last year.
In January, electronics giant Samsung opened a different version of its New York store on Decentraland. In November, Barbados also opened an embassy on Decentraland.
“Services such as Bank Loans, Mortgage, Real Estate Rentals Can Be Started on the Metaverse”
JPMorgan also evaluated the economic data of the Metaverse world.
The world-renowned bank emphasized that in the last six months of 2021, virtual land prices skyrocketed from $6,000 to $12,000 per parcel on average. Bank, Metaverse reviews Decentraland, The Sandbox, Somnium Space and cryptovoxels using his projects.
Regarding the subject, the following statements were used in the JPMorgan report:
“Over time, we may begin to see services such as loans, mortgages, lease agreements in the virtual real estate market, similar to those in the physical world.”
The bank also argued that decentralized finance (DeFi) could be used for collateral management and that said services could be performed by DAOs rather than traditional finance companies.
“Metaverse Could Reach $1 Trillion Annual Revenue”
Arguing that the Metaverse universe can also be profitable for companies, the bank cited RTFKT, the virtual shoe design application purchased by Nike, as an example.
The bank also stated that the other major industry on Metaverse could be advertising. In-game ad spend could climb to $18.41 billion by 2027, according to the bank.
In addition, the published report also mentioned the shortcomings of the Metaverse industry. The shortcomings included the overall user experience, the performance of the avatars, and the commercial infrastructure.
The famous bank said that Metaverse could spread to all sectors in the coming years and turn into a concept that generates over $1 trillion in annual revenue.
*Not investment advice.