2 min read

JPMorgan Releases Full White Paper On Metaverse

By News Desk

Banking titan JPMorgan has written a full report on the metaverse, outlining what they see as exciting opportunities for consumers, brands, and individuals.

Titled “Opportunities in the metaverse: How businesses can explore the metaverse and navigate the hype vs. reality”, JPM analysts say the metaverse is the driving force behind the forming of a new digital age.

Referencing Microsoft’s plan to create digital workspaces and Ariana Grande holding a concert in Fortnite, the bank says that the “opportunities presented by interactive, digital worlds seem limited.”

“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.”

JPM says that instead of having stores in every city, major retail brands might instead build a global hub in the metaverse that is able to serve millions of customers from one location. The metaverse can also turbocharge a shift in “gaming, sports betting and gambling from cash to crypto,” the bank said.

Metajuku/Decentraland

One of the “key imperatives” for growth in the metaverse, according to JPM, is a definition of standards for digital assets such as wearables, objects and brands, and virtual currencies which can be transferable across different virtual worlds.

“(with potentially different manifestations in each world, e.g., the same NFT manifests as a special edition t-shirt in a virtual world but is a uniquely designed vehicle in a race car video game)”

JPM has officially become the first major bank to open up shop in the metaverse with its virtual Onyx Lounge in Decentraland, which it reveals for the first time in the report.

The lounge, named after JPM’s blockchain system, is situated within the Metajuku shopping mall in Decentraland, and so far features a portrait of CEO Jamie Dimon, a Tiger walking around, and a presentation on cryptocurrency.

“In the metaverse, some of the existing services and business models we are familiar with will continue to exist, but the metaverse opens a whole new realm of ways to engage which we expect will lead to uniquely new services and business models. Not everything in the metaverse will be relevant for every business. However, there is little downside to taking the opportunity to explore.”

Newsletter Inline

Related Posts

SwissBorg Capital Raise
What Bear Market? SwissBorg Charges Ahead Amidst Harsh Crypto Conditions 
SwissBorg Capital Raise

What Bear Market? SwissBorg Charges Ahead Amidst Harsh Crypto Conditions 

December 17, 2022 6 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read