The Metaverse has recently stolen the spotlight and has been a trending topic all over the internet, it is also one of the major topics of discussion among tech firms.
Over the last few years, some of the greatest minds in entertainment, technology, and finance have begun experimenting with virtual reality tech. Although there are still many questions about how this technology will be put to use, we’re confident that it will soon become a part of everyday life.
Metaverse Adoption Progress
It’s not hard to imagine a future where it is normal for business meetings or social gatherings to take place in immersive virtual environments. Given all of these possibilities, it makes sense that some companies would want to get a head start on a platform that seems destined for popularity.
Ever since Facebook announced its rebranding of the company name to “Meta“, the Metaverse has been garnering much attention from individuals and companies, one of these companies is JPMorgan.
The idea of virtual reality started with texts and has now made leaps into other industries with companies investing in the technology. As previously mentioned, virtual reality has come up in the news recently with the announcement by Facebook of their updated device, Oculus Rift. Facebook itself has been on a buying spree over the years and with the new technological advancements, it was not long before something like this happened.
While it’s refreshing to see large companies like JPMorgan embracing virtual reality, there’s no doubt that the metaverse will be a space for professionals and companies to communicate with each other in privacy. That’s essential to building an immersive world that people will want to occupy, and it’s what Metaverse does best.
The Metaverse has long been discussed as a future evolution of the Internet. It is not a new concept, but one that has been around since the dawn of cyberspace as we know it today.
The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. It is more commonly referred to as a world or universe, in which one’s perception is modified to feel as if one is in another world. It also has been described as an eternal and persistent place in cyberspace with open access for users by default.
More and more companies have taken interest in the virtual reality space, and it doesn’t look to be slowing down anytime soon. What’s more, Metaverse has made a great case study for us all showing that virtual reality is worth keeping an eye on.
With so much potential in this emerging sector, the metaverse will keep moving forward into the exciting world of VR.
Is JP Morgan Really In The Metaverse?
JP Morgan has recently been one of the major players in the virtual reality market. They’re big enough to have a real impact on how VR develops over the next few years, and if they throw their support behind this technology as much as it seems, it could be another big step towards making VR more mainstream.
J.P. Morgan is one of the few financial institutions in the US that has started to experiment with virtual reality. There are still a lot of questions about how the technology will be used in the banking sector and whether consumers will take to it at all but it’s an indication of just how seriously banking institutions are thinking about this technology.
Virtual reality is an exciting opportunity for multiple industries, the technology can potentially be used by banking customers to complete applications. Jp Morgan’s interest in incorporating virtual reality technologies into its business appears to lie in better understanding customers.
Jp Morgan ventures into the Metaverse space by launching a virtual lounge which was named “Onyx lounge” in the leading Metaverse platform (Decentraland). Decentraland is a fast-growing and popular platform built on the Ethereum blockchain that enhances the Metaverse space usage where users can socialize, play, work, etc in an immersive virtual environment.
It also enables users to create, buy and sell virtual assets e.g virtual land in the form of NFT with ETH cryptocurrency. The Onyx Lounge comprises a picture of JP Morgan CEO, Jamie Dimon and a lurking tiger.
Jp Morgan is very excited about the technology revolution and innovation that the Metaverse presents to businesses and companies. Recently, they released a paper that explains in detail the opportunity that the Metaverse has presented to any existing and aspiring businesses and companies.
The company also predicted the market capitalization of the Metaverse to reach $1 Trillion within a few years, the report mentioned below;
The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenue. As a result, we see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others.”
The Future Of Finance In The Metaverse
Experts believe that many other financial services providers will look into the use of virtual reality and augmented reality technology. It might come as a surprise to you, but VR is much more than just entertainment or simply a modern-day gimmick.
When it comes to virtual reality, the hope is that one day we may be able to experience whole new realms of existence exclusively through the power of our minds.
With money becoming global, digital and borderless, perhaps someday, the whole world will exist virtually including finance.
For now, there’s still plenty to do in terms of developing and improving upon existing virtual reality technology something J.P. Morgan could look further to addressing as well.