Despite the bank’s former pessimistic stance on the industry, JP Morgan is quickly coming to realize the true value proposition behind the metaverse.
- JP Morgan Flips On The Metaverse
- Metaverse Momentum Heading Into 2022
Many people love the idea of the metaverse; many others want to puke at the sound of it. Historically, when a good idea catches fire, there tends to be a lot of naysayers trying to put out the flame. But if true value arises from innovation, the haters always go quiet. JP Morgan, one of the largest banks in the world ($3.9 trillion AUM), looks to be the latest metaverse skeptic that’s starting to see the light.
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JP Morgan Flips On The Metaverse
It’s not just virtual reality that physical banks like JP Morgan are having a hard time coping with, it’s the crypto asset class in general.
It wasn’t that long ago that JP Morgan CEO Jamie Dimon was expressing his own doubts about Bitcoin — it was last month. Most recently, the Wall Street executive partook in an interview in January 2022 with Kathimerini, a Greek financial and political news daily, in which he expressed his personal feelings on crypto “currencies.”
“I don’t call them cryptocurrencies, I call them crypto-tokens, because currencies have rules of law behind them, central banks and tax authorities. While the valuation is there, I don’t understand them, and I think people need to be careful and more control is needed by states. You’ve seen that in the last couple of months they have lost half their value in the US market.”
Jamie Dimon on BTC:
2014: “terrible store of value”
2015: “will not survive” “will be stopped”
2016: "going nowhere"
2017: "a fraud"
2018: "don't really give a shit"
2019: [JPMCoin launch]
2020: “not my cup of tea”
2021: “I have no interest in it” “fool’s gold” “worthless”
— Ryan Selkis 📖 🖊🔑 (@twobitidiot) October 11, 2021
Despite his lack of understanding, the bank’s decisions are is not entirely his own, and JP Morgan has been pushing harder into the crypto space. Specifically, the financial giant is eyeing the metaverse, claiming that it’s a “$1 trillion per year market opportunity.” They’ve even opened their own “Onyx Lounge” inside Decentraland.
JPMorgan has done a complete 180 on crypto.
2017: Bitcoin is a fraud. It's just not a real thing. Eventually it will be closed – Jamie Dimon
2022: JPM has a lounge at a mall in Decentraland and just predicted $1 trillion in annual metaverse revenue.https://t.co/yenmxV1VLk pic.twitter.com/vQCXUtOXxC
— Yano 🟪 (@JasonYanowitz) February 15, 2022
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Metaverse Momentum Heading Into 2022
It’s not just JP Morgan that sees massive opportunity in the metaverse; other banks, companies, and even countries are wanting to get involved with the action.
Just today, the infamous Playboy announced that it would be bringing the iconic Playboy Mansion to the metaverse. So far in 2022, Mcdonald’s revealed some of the NFT trademarks it’s been filing for behind the scenes. A report from Walmart showed that the retailer has multiple trademark applications for online retail and ‘virtual merchandise.’ The Australian Open tapped into Decentraland to bring its famous tennis tournament to the virtual space.
The point is: nearly every industry you can think of, whether it’s food, retail, sports, or sex, is entering the metaverse. The only other network I can think of that taps into so many different industries is the internet itself.
Bank of America: The metaverse is now like social media in its beginning
— Blockworks (@Blockworks_) February 14, 2022
While there are many metaverse projects on the market, Decentraland (MANA) and Sandbox (SAND) are the two clear frontrunners when it comes to mainstream metaverse adoption.
However, as noted by other Bank Of America, there’s no telling whether Decentraland or Sandbox will be able to keep hold of the metaverse market. Like Facebook’s overtaking of MySpace, these platforms could prove to suffer a similar fate. The reality is the metaverse will likely arise in a similar fashion to the internet — with contributions all around the globe as we build a singular virtual layer to interact on. We’ve already laid the foundation with the internet and social media; the metaverse will simply be a “physical” layer to take us beyond staring at 2D computer screens.
Bank of America and JP Morgan are starting to see the vision, are you?
The post This Is Where JP Morgan Thinks The Metaverse Is Going appeared first on CryptosRus.