This week, JPMorgan Chase produced a research titled “Opportunities in the Metaverse,” which digs into virtual worlds and the almost limitless possibilities the bank sees in them.
Companies large and small are entering the Metaverse, according to the international investment bank, which estimates that $54 billion is spent on virtual products each year, nearly double the amount spent on music.
So, The organization predicted that in the next five years, the Metaverse will be all-encompassing and will become a trillion-dollar market.
“The metaverse will likely infiltrate every sector in some way in the coming years,”
“with the market opportunity estimated at over $1 trillion in yearly revenues.”
Then, JPMorgan noted that Metaverse growth requires a “strong and adaptable financial infrastructure,”
which will allow users to link between the virtual and physical worlds.
“Our approach to payments and financial infrastructure will allow that interoperability to grow,” JPMorgan added.
Existing gaming worlds, according to the paper, feature elements that are similar to the global economy. Such as population, GDP, in-game currency, and digital assets. The investment bank wants to be a part of it, claiming that its cross-border payments, foreign exchange, financial asset creation, trading. Then, and safekeeping capabilities can play a “significant role” in the Metaverse.
The JPMorgan report did not go into detail about what the corporation had planned for Metaverse advances. Although, it did say that it was working on new technology:
“We are building and scaling new emerging technologies to modernize infrastructure and”
“business models including but not limited to tokenization and digital identity,”