JPMorgan becomes first bank in metaverse via Decentraland

huge investment bank is going to open a virtual lounge in the blockchain computer game Decentraland (MANA). This ‘Onyx Lounge’ will be found in the ‘Metajuku Mall’ of Decentraland on Ethereum (ETH). Visitors can watch a presentation on cryptocurrency on the second floor of the lounge. There is also a virtual tiger walking around and a portrait of Jamie Dimon, the CEO of JPMorgan.

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**Potential of $1 trillion**

[In a new report]( called “Opportunities in the metaverse,” JPMorgan reiterates that the metaverse is an emerging sector with the potential for as much as $1 trillion in revenue:

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*”The Metaverse is likely to infiltrate every sector in one way or another over the next few years, with the market estimated at more than $1 trillion in annual revenue.”*

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The Wall Street bank further reported that by 2021, people had spent a whopping $54 billion on virtual goods. That was double what was spent on the entire music industry. JPMorgan predicts that by 2027 a whopping $18.4 billion will be spent on in-game advertising alone. Furthermore, JPMorgan is positive about the potential of non-fungible tokens (NFT), which is closely tied to the metaverse and Web3.

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*”This economy of democratic ownership, coupled with the possibility of interoperability, could unlock tremendous economic opportunities, moving digital goods and services away from being tied to a singular gaming platform or brand.”*

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Still, the bank was not positive about everything. According to JPMorgan, there is still much work to be done on the metaverse. In particular, there are many shortcomings in the user experience and commercial infrastructure that are still preventing its full potential. Many big brands are venturing into the metaverse lately, including Disney, Nike, Adidas, Walmart, Samsung, McDonald’s and more. The above news ensures that MANA’s share price was one of the hardest risers on the crypto market yesterday.

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