JPMorgan has become the first large bank to build a virtual lounge in blockchain-based Decentraland (MANA) in order to capitalize on a “$1-trillion” market potential as a new metaverse cryptocurrency FIREPIN Token (FRPN) enters presale.
JPMorgan, the biggest bank in the USA, has taken a leap into the metaverse, constructing a virtual lounge in the popular blockchain-based environment Decentraland (MANA) after labeling the sector a $1-trillion possibility.
A wandering tiger and a digitized picture of Jamie Dimon, CEO of JPMorgan, greet the virtual visitors to the lounge, which is located in Decentraland’s Metajuku Mall.
If players enter and go upstairs, they will be able to view an executive’s presentation on the economics of cryptocurrencies.
The Onyx Lounge, which was named after JPMorgan’s in-house blockchain payments technology, was revealed alongside a study from the bank outlining the sorts of business prospects available in the metaverse.
It seems inevitable that the metaverse will become a part of a majority of industries in the not too distant future. Estimations exceeding $1 trillion have excited many as the market continues to expand faster than many could predict. Virtual goods have become so popular that the industry already makes £54 billion every year. This is more than double the amount spent on purchasing music.
A new cryptocurrency that has just been released is attempting to capitalize on this is FIREPIN Token (FRPN).
The overall goal of this project is to build a community-driven DAO platform that incorporates the metaverse.
The goal is to build a Farming Utility-based Staking Platform with a game studio. This will act as a reserve currency for future Metaverse advancement initiatives.
The complete project will be maintained and dependable treasury with multi-chain connectivity for a better user experience.
FIREPIN Token (FRPN) promises to be a multi-bridge cryptocurrency that allows holders to move value between blockchains.
FRPN, on the other hand, will have a competitive edge over other cryptocurrencies since it will allow users to exchange funds between Avalanche (AVAX), Solana (SOL), Binance (BNB), Polygon (MATIC), and Ethereum (ETH) platforms.
Apparently, the average price of virtual land increased from $6,000 to $12,000 between the months of June and December of last year, and in-game advertising expenditure would reach $18.4 billion per year by 2027.
JPMorgan has highlighted a surge of independent producers using Web3 to sell their work in novel ways as a major reason behind the metaverse’s new economy.
This democratic ownership economy, along with the prospect of interoperability, has the potential to open enormous economic opportunities in which digital products and services are no longer hostages to a single gaming platform or brand.
JPMorgan observed that tremendous brand interest in the metaverse is also driving more mainstream acceptance, noting Adidas’ and Nike’s moves to produce nonfungible token-based products and shopfronts, as well as Samsung creating a metaverse store, as significant strides ahead in adoption.
To emphasize the point, Disney said Wednesday morning that it had chosen a new CEO, Mike White, to manage its entry into the metaverse.
It would seem Disney is trying to expand its narrative skills to the digital sphere.
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