Decentraland (MANA) is by over 10% as JPMorgan enters the metaverse

JPMorgan is putting a lot of money into the Metaverse. The world's largest bank built a virtual lounge in Decentraland, driving its native token up 10%.

Users may buy land and develop things from scratch in Decentraland, a virtual world driven by blockchain technology. They can even develop rooms, buildings, and even entire towns using it.

JP Morgan made an attempt to achieve just that. The bank opened its Onyx club in the game's Metajuku neighborhood, a simulated recreation of Tokyo's Harajuku shopping area.

The lounge is at home in the virtual world of cryptocurrency enthusiasts. The first floor is home to a tiger and floating NFTs.

It also includes a portrait of Jamie Dimon, the bank's CEO. In addition, residents of Decentraland can listen to specialists discuss crypto investments on the second floor.

JPMorgan's Bet on the Metaverse

Despite including some meme components in its lounge, the United States' largest bank is serious about the Metaverse.

The Onyx lounge opened at the same time as the bank released an assessment on its potential, which was bullish.

“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 revenues.”

Consumers worldwide currently spend $54 billion on virtual goods each year, according to the bank. This is expected to increase in the future.