JP Morgan has unveiled a virtual lounge at Decentraland, becoming the first major bank to set up space in the metaverse.
The virtual area, dubbed ‘Onyx lounge,’ is located at Matajuku mall, where visitors are welcomed by a roaming tiger and a portrait of the bank’s CEO, Jamie Dimon.
Visitors can also watch an executive’s presentation of cryptocurrency economics at an upstairs lounge.
The largest US bank noted in an accompanying report that metaverse would cut across all sectors in the future with an estimated $1 trillion in annual revenues. The bank added that $54 billion is spent on virtual goods annually.
The report reveals that the average price of virtual land rose from $6,000 to $12,000 between June and December 2021. The firm predicts that the in-game advertising expenditure will be about $18.4 billion per annum in the next five years.
JP Morgan underscored the role of corporations in metaverse adoption. Disney recently appointed a new executive to spearhead its development in the metaverse.