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The United States largest bank has secured a virtual lounge in Decentraland – one of the world’s biggest metaverse platforms.
In launching the property named the Onyx lounge, the asset manager released a detailed report highlighting the vast opportunities available in the space.
“The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified, immersive experience.” JPMorgan said in the report.
According to JPMorgan, the in-game ad spending on all of the existing metaverse platforms is expected to hit $18.41 by the year 2027. Furthermore, the financial institution added that the metaverse carries an annual market value of $1 trillion, offering content creators and investors a chance to reap big.
“We are not here to suggest the metaverse, as we know it today, will take over all human interactions,” another section of the report read, “but rather, to explore the many exciting opportunities it presents for consumers and brands alike.”
The Onyx Lounge is yet another landmark for JPMorgan as it officially becomes the first bank to break into the metaverse.