Ellen Britt for CNT #NFT
The juggernaut of investment banking firms, JP Morgan Chase, has opened a swanky new office in the Metajuku mall. An illuminated portrait of CEO Jamie Dimon is featured in the lobby, along with an opulent spiral staircase complete with a live tiger to guard the place. The only catch? The new office isn’t located in the real world, but is in the metaverse!
The White Paper
Onyx, the blockchain firm JP Morgan launched in 2020, just released a paper examining the opportunities afforded by going into business in the metaverse.
Suffice it to say that JP Morgan is bullish on the metaverse and projects a $1 trillion market opportunity in yearly revenues. The report also says that virtual worlds will “infiltrate every sector in some way in the coming years.”
The firm is also quite confident that demand for virtual land will continue to grow, and refers to virtual real estate as a “growing market.” They also report that the average price for a single piece of virtual real land doubled in just six short months in 2021, when the price rocketed from $6000 in June to $12,000 in December. The paper is clear that the real estate market for virtual properties will soon start to provide credit, mortgages, and rental agreements.
A New Type Of Gig Worker
But perhaps most interesting of all is the effect of the metaverse on the economy, as it’s creating both online and offline jobs. A variety of companies are hiring for the metaverse and JP Morgan is confident that some people will start to provide services in these virtual worlds, in effect becoming a new type of gig worker.
Competition On The Horizon
We are still early, but the future for virtual real estate looks extremely bright. The three main players, Decentraland, The Sandbox, and Roblox, will soon have competition with the launch of Mint City Places. So stay tuned, as the best is yet to come!