JP Morgan, one of the world’s largest investment banks has launched its very own Lounge in the metaverse. This, after the bank released a report on available opportunities in the metaverse. This report was co-authored by the investment bank’s heads of crypto and solutions for e-commerce.
According to the authors, they foresee the metaverse having a role in every sector in the future. The market offers the opportunity to make $1 trillion plus in annual revenues. This includes sectors such as social commerce, advertising, and opportunities for content creators/developers to monetize their work.
As a direct result of such opportunities, companies like Walmart, Adidas and PWC are making inroads into the metaverse. JP Morgan’s metaverse approach is to successfully build and scale platforms for the metaverse so that it has a robust ecosystem. This will help the metaverse to work on a flexible financial system that offers users a seamless connection to the virtual world.
The name of the metaverse Lounge is Onyx by JP Morgan. The bottom floor has an open floor plan and a tiger prowling in this space. The other feature is Jamie Dimon’s portrait, the firm’s CEO. The Lounge on the floor above is accessible by stairs and features a table with computer monitors and documents.
The report also states that since the metaverse is evolving quickly, it is tough to base business strategies in dynamic spaces. The authors reiterate the fact that the cost of getting in early and engaging in the building of an internal IP (intellectual property) is not very high now. It is easy to develop one or more hypotheses on business models for the future and find the right partners for each specific ecosystem.