There is no limit to the number of companies currently trying to build a metaverse, and blockchain technology has got a head start as far as metaverse projects go, with a few top-notch web3 virtual worlds, such as Decentraland and SandBox, currently in operation. According to JP Morgan, the concept of virtual real estate is gaining traction very fast, with nearly 200% growth in less than a year across all these metaverse projects. Thanks to Such growth, many popular platforms are establishing their foothold in the Metaverse.
Recently, JP Morgan also joined the long list of metaverse endorsers by building a virtual lounge in Decentraland. The building of the Onyx lounge is expected to bring more business opportunities to this bank from Wall Street. The current developments in Decentraland prove that the use cases of the Metaverse extend far beyond being just a gaming platform. However, there are some setbacks, like the performance of the avatars and the lack of commercial infrastructure, that the Metaverse needs to address to ensure its relevance in the market.
Earlier this year, Samsung built a replica of their New York headquarters in Decentraland. Nike also entered the market through its acquisition of RTFKT. The migration of popular brands to Decentraland proves its parallel relationship with the global economy.
Integration of real-world companies into the Decentraland ecosystem, a growing ecosystem of celebrities and influencers who are building on the protocol, and improvements to the user interface that help improve the overall user experience are three factors that indicate a positive future for the Decentraland ecosystem. Early this month, while the larger crypto market struggled under bearish pressure, rising interest in the Metaverse drove the price of Decentraland (MANA) up 75 percent. MANA is currently holding steady with 9.25% growth in just 24 hours. Read this MANA coin price prediction to learn more about the coin’s future.
Decentraland has shown several potential developments in recent times. The Metaverse successfully conducted its first-ever virtual wedding earlier this month. Following Paris Fashion Week, Decentraland is preparing for a new fashion event in March. The German fashion giant also bought virtual real estate in Decentraland, estimated at $1.2 million. These new developments within the virtual world also created a large business opportunity for companies that could bring a stable commercial infrastructure to this 3D world.
JPMorgan’s head of crypto and the Metaverse, Christine Moy, stated that there is a growing interest among clients to learn more about the Metaverse. According to Moy, JP Morgan released a white paper to help clients cut through the noise and highlight what the current reality is and what needs to be built next in technology, commercial infrastructure, privacy/identity, and workforce, in order to maximize the full potential of our lives in the Metaverse.