JP Morgan Report Sends Metaverse Coins Soaring

Decentraland token saw an 8% jump after JP Morgan released a report claiming the metaverse could potentially be a $1 trillion market opportunity.

The report was suspiciously paired with the launch of JP Morgan’s own little metaverse space called virtual Onyx Lounge in Decentraland’s Metajuku district, decorating the space as a wandering tiger, as well as a floating painting of the bank’s CEO and crypto skeptic, Jamie Dimon.

Axie Infinity and Enjin Coin both known meta coins jumped 7.8% and 4.1% respectively following the release of the report as well.

"Opportunities in the Metaverse," is the title of the report and details how this arsing technology will “likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues."

In the reports companies such as Walmart, Nike, and Adidas were cited as brands looking to enter into the untapped space, encouraging other business leaders to ask what their own metaverse strategy is.

The bank outlined how its own “core competencies in crossborder payments, foreign exchange, financial assets creation, trading, and safekeeping" will enable them to play a role in the new digital space.

What is the metaverse?

The metaverse is a shared, persistent virtual world where people become 3D avatars, utilizing VR headsets to enter these spaces enabling individuals who are a long distance apart from each other to interact.

The launch of this meta frenzy all began as Facebook decided to rebrand itself as Meta back in October. The company poised the move as a first step towards them becoming a "metaverse first" company.

This is a big bet for many companies, but if successful could not only lead to unimaginable profits but the next steps in interactions and storytelling.