JPMorgan, the largest bank in the U.S., opened its Onyx Lounge in the Decentraland metaconsecurity.
In addition, the bank released a report that explores how companies can find opportunities in the meta-universe.
According to JPMorgan, annual revenues from the meta-universe could be $1 trillion, thanks to developers using Web3 technology and new ways to monetize.
“This democratic economy of ownership, combined with the ability to interact, could unlock enormous economic potential, whereby digital goods and services would no longer be tied to a single gaming platform or brand,” the report said.
The bank named companies such as PWC, Walmart, Nike, Verizon, Gap, Adidas, Hulu and Atari as pioneers of virtual worlds.
“Market leaders around the world are now asking, ‘What’s my strategy in the meta-universe? What should I do in the meta-universe? What is the metaworld?”,” the study reports.
The company also predicts that in-game advertising spending will reach $18.4 billion by 2027.
JPMorgan says that while the market is evolving very quickly, the risk of being left out can be more expensive than the initial investment in developing the meta-universe.