The big bank JP Morgan, like many companies and investors, is preparing for a future in which they should spend more and more time in virtual worlds, ie metaverses. Although there are still many unknowns about the ways in which people could lead their virtual lives in the future, JP Morgan believes that the potential of this market is incredible and could cost a billion dollars a year.

When you think about the economy of the metaverse, the potential is in practically every market segment , it was published in the report of the experts of this bank dedicated to the metacospace. Just as people should live, work and have fun in such virtual spaces, much like in real life, they will need banking services in such virtual worlds. JP Morgan has opened the first banking lounge in the metacentre Decentraland , and given the predictions they have about the metaverse, it is clear that we can expect similar moves in other virtual worlds in the future.

This bank, according to the report, wants to play a major role in the metaverse. It is mentioned that JP Morgan could function similarly in the virtual world as in the real world because the metaverse has its own population, currencies, activities that people do, etc., and the bank can participate in various financial activities such as cross-border payments, trading, savings and similar.

It also highlights the increasing value of virtual land in such worlds as Decentraland or Sandbox. Namely, this price doubled last year from an average of 6 to 12 thousand dollars for virtual land. As the price rises further, customers may need services such as mortgages, loans and the like, which bankers see as their big opportunity.