Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Metaverse’s first major bank, JP Morgan, predicts US $1 trillion
Fintech Magazine | Kate Birch | Feb 17, 2022
JP Morgan has become the first bank to establish a presence in the metaverse, as it predicts a market opportunity of US$1trn and eyes virtual real estateJP Morgan has become the first bank to enter the metaverse, opening a lounge in the popular blockchain-based world, Decentraland – one of the most popular metaverses. This marks the banking giant’s entry into the metaverse, as it eyes the potential financial gains.
See: 7 Ways the Metaverse is Changing Enterprises
The metaverse is a virtual world where people can interact, attend events, and explore, as digital avatars of themselves.
The bank’s Onyx lounge, the name of which references the bank’s suite of permissioned Ethereum-based services, offers institutions and businesses an opportunity to enter the metaverse.
Here, in the Onyx Lounge, located in Metaiuku, a virtual version of Tokyo’s Harajuku shopping district, a tiger roams the first floor, overlooked by a portrait of the bank’s boss Jamie Dimon, while on the second floor a person’s avatar can watch experts talk about the crypto market.
Metanomics – JP Morgan sees limitless opportunities
Along with the unveiling of the ‘Onyx Lounge’, the investment giant released a white paper outlining to clients the full market potential of the virtual space – describing it as “limitless”.
See: CEEK presents H&M’s metaverse concept store
According to JP Morgan’s report, the economics of the metaverse – or metanomics – offers opportunities in almost every area and poses a market opportunity of US$1 trillion in annual revenue.
So, what opportunities does the bank see? According to JP Morgan’s report, the metaverse offers opportunities to:
- Transact – every year, US$54bn is spent on virtual goods, almost double the amount spent buying music
- Socialise – approximately US$60bn messages are sent daily on Roblox
- Create – GDP for Second Life was around US$650m in 2021 with nearly US$80m US dollars paid to creators
- Own – NFTs currently have a market cap of US$41bn
- Experience – 200 strategic partnerships to date with The Sandbox, including Warner Music Group to launch a music-themed virtual world
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