The paper released by the bank suggests that JP Morgan can function as a bank in the virtual world, as the virtual world has its own population, GDP and currencies in the metaverse. As a bank, it can facilitate cross border payments, foreign exchange, financial assets creation and trade and safekeeping.
The bank has written in its paper that when you think about the economy of the metaverse or metanomics, then there are opportunities in every market segment. JP Morgan has said that the metaverse has a revenue opportunity of 1 trillion dollars (approximately Rs 75,00,000 crore) every year.
The report states that the economy of the metaverse could open up a variety of economic opportunities. It’s not just about gaming platforms or brands. The bank noted that brands such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari are early investors in the blockchain economy.
onyx by @jpmorgan is in the Metaverse ???? We wrote this paper to help clients cut through the noise and highlight what we would love to see built or scaled next in commercial infrastructure, tech, privacy & identity, workforce, and social governance ???? https://t.co/sNn6Ei4lms
— moy.eth $JPMLIINK???????????? is in Denver (@cmoyall) February 15, 2022
Within 6 months of 2021, the average price of plots in the four main Web3 metaverses – ‘The Sandbox’, ‘Decentraland’, ‘CryptoVoxels’ and ‘Somnium Space’ in this virtual world has increased from $6,000 to $12,000. It has been said in the report that not a single day goes by when a company or celebrity does not announce that they are making their presence felt in the virtual universe.
Ever since Facebook rebranded itself as Meta, the virtual world has grown exponentially. According to JPMorgan, tokens that support metaverses such as Decentraland, Sandbox and SomniumSpace have increased in value since this announcement.
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