JPMorgan – one of the top major banking entities in America – has reportedly made a significant stride into the Metaverse, via setting up a virtual lounge in the blockchain-powered world Decentraland. 

Specifically, people that come to visit the lounge – set up in Decentraland’s Metajuku mall – will reportedly receive greetings from a roaming tiger and a digital portrait of Jamie Dimon, the Head of JPMorgan. 

Should players move to the second floor, they will reportedly be able to watch an executive’s presentation on the economics of cryptocurrency.

The “onyx lounge” – with a similar name to JPMorgan’s in-house blockchain payment network – was reportedly introduced together with a report from the bank, offering details regarding the kinds of business opportunities establishments are able to discover in the Metaverse.

”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 report further reads. 

Per the report, a total of $54 billion has already been invested in virtual goods on an annual basis – double the amount spent for purchasing music.

The report notes the average price of virtual land reportedly experienced a two-fold increase, going from $6,000 to $12,000 within the period from June through to December of 2021, with predictions that in-game advertising spending will achieve the $18.4 billion benchmark yearly by 2027.

JPMorgan reportedly identified a rush of individual creators taking advantage of Web3 to make money from their projects in new ways as a driving force behind the new economy being designed in the Metaverse.

“This democratic ownership economy coupled with the possibility of interoperability could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand.”