With a new research and some bold forecasts, Wall Street investment firm JPMorgan is the latest major name to declare its intentions towards the Metaverse.
“Opportunities in the Metaverse” is the title of a paper issued this week by JPMorgan Chase that digs into virtual worlds and the seemingly limitless opportunities that the bank sees in them.
Currently, $54 billion is spent annually on virtual products, which is about double the amount spent on music, according to the international investment bank. Companies large and small are entering the Metaverse, according to the research.
A bold projection was made by the company, stating that the Metaverse will be all-encompassing and will grow to be a trillion-dollar business within the next several years.
It is predicted that the metaverse would permeate every industry in some form during the next few years, with a business opportunity estimated to be worth more than $1 trillion in annual revenue.
JP Morgan: Games and The Metaverse
Continuing, the research asserted that existing gaming worlds have components that are similar to those seen in the global economy, such as population and communities, gross domestic product (GDP), virtual money, and digital assets.
For its part, the investment bank believes that its key expertise in cross-border payments, foreign exchange, financial asset creation and trading as well as safeguarding will allow it to play a “significant role” in the metaverse.
