You can now do your banking in the metaverse, according to JP Morgan, which became the first big bank to create a lounge in the blockchain-based virtual world of Decentraland on Tuesday.
Non-fungible tokens, or NFTs, may be used to purchase virtual plots of land in the virtual lounge, as well as other cryptocurrency transactions.
You are greeted by a tiger and an avatar of JP Morgan CEO Jamie Dimon before entering the lounge.
The bank introduced its virtual environment, dubbed the Onyx Lounge, along with a study outlining the sorts of commercial prospects available 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 (€880 billion) in yearly revenues,” the report said.
The JP Morgan report also noted that between June and December last year, the average price of virtual land doubled from $6,000 (€5,000) to $12,000 (€10,000). It also predicted that in-game advertising spending will reach $18.4 billion (€16 billion) per year by 2027.
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