$1T opportunity: JPMorgan becomes first major bank in the metaverse
United States banking giant JPMorgan Chase (NYSE:) has taken a dive into what it considers a significant up and coming arena of opportunity: the metaverse. The bank has recently opened a digital lounge called Onyx in Decentralands metaverse. Decentraland serves as one of many crypto industry projects utilizing blockchain to provide a digital world experience in other words, a metaverse.
JPMorgan sees significant potential in the new movement toward digital worlds. 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, the bank said in a report. However, to reach its potential, the metaverse movement requires further development in several key areas, the report said.
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