JPMorgan has become the first global bank to create a virtual lounge in blockchain-based Metaverse Decentraland (MANA) in order to capitalise on the one trillion-dollar market potential. It’s not only JPMorgan however, as the FIREPIN Token, a new metaverse coin, enters presale to impressive success.
Metaverse Machinations
JPMorgan, the biggest bank in the United States, has recently ventured into the Metaverse, establishing a virtual lounge in the popular blockchain-based environment Decentraland (MANA) after estimating the sector to be worth $1 trillion.
The virtual guests to the lounge, which is housed in Decentraland’s Metajuku Mall, are greeted by a roving tiger and a digitised portrait of Jamie Dimon, the CEO of JPMorgan. Players that enter and go upstairs will be able to see an executive’s presentation on the economics of cryptocurrencies.
The Onyx Lounge, named after JPMorgan’s in-house blockchain payments system, was unveiled with a bank report describing the kind of business opportunities possible in the Metaverse. The Metaverse will most certainly be part of every industry in some form in the years to come, with business potential of more than one trillion dollars in yearly sales. Currently $54 billion is spent on virtual products every year. This is more than double the amount spent by consumers currently on the music industry.
New Projects
FIREPIN Token, a newly created cryptocurrency, is aiming to capitalise on this (FRPN). This project’s objective is to create a community-focused DAO ecosystem that includes the Metaverse. The concept is to form with a gaming company to make a utility-based farming and staking Platform. This cryptocurrency will act as a reserve currency for future Metaverse progress projects. For a better user experience, the whole project will be maintained with a treasury that has a multi-chain connection.
This gives FRPN a competitive advantage over other cryptocurrencies since it will enable users to swap money across the ecosystems of Avalanche (AVAX), Solana (SOL), Binance (BNB), Polygon (MATIC), and Ethereum (ETH).
This new cryptocurrency has been in presale for only a week and it’s price has risen from around $0.00007 to $0.0002. This is well above a steady 10% increase daily. If this trend continues for the next few weeks, there is the potential for three-figure movements. However, as with all new projects, the earlier you take the chance, the higher the rewards can be.
According to online sources, the average price of virtual land climbed from $6,000 to $12,000 between June and December of last year, and in-game advertising spending is expected to reach $18.4 billion per year by 2027. JPMorgan cites a spike in independent producers utilising Web3 to market their work in unique ways as a primary driver of the Metaverse’s new economy.
This democratic ownership economy, along with the promise of interoperability, has the potential to provide significant economic possibilities in which digital goods and services are no longer bound to a particular game platform or brand.
JPMorgan remarked that massive brand interest in the Metaverse is also pushing greater popular acceptance, citing Adidas’ and Nike’s initiatives to create nonfungible token-based items and shopfronts, as well as Samsung’s creation of a metaverse store, as key steps forward in adoption.
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