- Apart from MANA, the prices of metaverse-linked coins like AXS and ENJ also surged.
- On top of its metaverse report, JPMorgan also launched its Onyx Lounge in Decentraland.
- The bank believes other firms will follow the likes of Adidas and Nike and enter the metaverse.
MANA, the native token of Decentraland, has gained over 8% over the past 24 hours after American investment bank JPMorgan said the metaverse offers a $1 trillion market opportunity. At the time of writing, MANA is up 8.09% to change hands at $3.31. The coin has a market cap of $6,069,004,152, which makes it the 29th-largest crypto.
According to data from CoinMarketCap, these gains come after MANA plunged from a seven-day high of $3.40 to trade as low as $2.73 on February 14. Notably, the token is still down 43.88% from its November 25 all-time high of $5.90.
Image Source - CoinMarketCap
Apart from MANA, metaverse-related coins like Axie Infinity (AXS) and Enjin Coin (ENJ) recorded notable gains today. AXS is up 6.01% to trade at $64.05, and ENJ surged 4.04% to change hands at $1.96. Despite being a major metaverse player, The Sandbox (SAND) is performing poorly compared to the above coins, gaining only 0.57% to trade at $4.26.
JPMorgan begins eyeing metaverse opportunities
In a report titled Opportunities in the metaverse, JPMorgan said the niche would likely permeate every industry in some way in the coming years. According to the bank, this infiltration will help push the metaverse’s market opportunity to a whopping $1 trillion.
While JPMorgan did not specify how long it would take the sector to achieve this feat, it said the entry of firms like Walmart, Adidas, and Nike would prompt leading businesses to consider finding a metaverse strategy.
Explaining how it would fit into the burgeoning industry, JPMorgan said its competency in cross-border payments, foreign exchange, financial assets creation, trading, and safekeeping automatically creates a spot for it in the metaverse.
This report coincided with the news of JPMorgan rolling out its virtual Onyx Lounge in Decentraland's Metajuku mall, which resembles Tokyo's Harajuku shopping district. The lounge features a wandering tiger at the entrance and a floating portrait of Jamie Dimon, the bank’s Chairman and CEO. This launch made JPMorgan the first leading bank to establish a presence in the metaverse.
Contributors
