It also became the first bank in the Metaverse. 💸 engineering
JP Morgan Chase has become the first bank in the world to set up shop in the metaverse. Its new office is located in the Metajuku Mall in Decentraland, a popular platform for buying real estate in the digital realm, Even as technology giants such as Meta and Microsoft are figuring out ways in which they want to build up their versions of the metaverse, real estate in other metaverse platforms are selling like hotcakes.
in terms of sales valuation for metaverse so far and the numbers are expected to double in 2022. Interestingly, this is all playing out on platforms like Decentraland and Sandbox and JP Morgan wants in. About six months ago, JP Morgan flipped its stance about cryptocurrencies and gave its clients the opportunity to. The company's outlook has definitely broadened as it is now investing in the metaverse, much ahead of its peers.
Its blockchain research arm Onyx released a report about the metaverse recently calling it a market that could potentially generate a trillion dollars in revenues every year. This is not really surprising given the rush we have seen of brands such as Adidas, Nike, Disney, Walmart and many more have their plans about being aThe booming interest in the metaverse is evident in the fact that the piece of digital land where JP Morgan opened its bank was bought by a developer last year for $913,000.
This might sound like an oversell but actually isn't when you consider that last month, U.S.-based accounting firm Prager Metis opened a three-story office in the Decentraland as well to address the financial and tax compliance concerns of its clients.It is not just JP Morgan that thinks highly of the metaverse.
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