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So guys, even as institutional investors, businesses and organizations stream in, embracing blockchains and cryptocurrency, setting their sights on the metaverse and procuring copyrights for their NFTs, there are still many who continue to sit sceptically on the side lines. And because financial investments in a young, risky, and volatile industry cannot just be based on a decision to hop onto a trend, but must be carefully assessed and reviewed, I can't be mad at anyone who wants to adopt a wait and see approach, it's entirely up to you. I am going to say, however, that things are getting pretty exciting in here. Let's get into it.
Crypto after the Super Bowl
Following crypto's grand showing at the Super Bowl, dubbed by some as the crypto bowl, there has been a heightened interest in the cryptocurrency industry. In fact, according to reports, Coinbase's simple commercial, which I am going to say I wasn't exactly fascinated by, was particularly effective as the company reported 20 million hits on its website in one minute, shutting down its app and forcing its IT team to throttle traffic. Ultimately, COINBASE achieved what it set out to do- attract more traffic than ever before.
JP Morgan Sets Up Shop in Decentraland
I'll tell you this, guys. I never, ever, ever expected to see JP Morgan CEO Jamie Dimon in the metaverse- . Remember this video?
Interestingly though, JP Morgan has been spending some time reviewing and issuing projections around the growth of the cryptocurrency industry, and this week, in its most decisive move yet, the largest bank in the United States has taken a giant leap forward and opened up a virtual lounge in Decentraland's metaverse as it seeks to capitalize on what it describes as a "$1 trillion" market opportunity. JP Morgan is the first major bank to make this move, but it is expected that other financial institutions will follow.
JP Morgan's presence on Decentraland is named the Onyx Lounge after the bank's in house blockchain payments system. The lounge is situated in Decentraland's Metajuku Mall, and visitors can can watch an executive presentation on the economics of cryptocurrency. Of course, what's a bank without a portrait of its CEO, right? So, yes, it seems as though Mr. Dimon has made it to the metaverse before many of us.
And if you're wondering what in the metaverse is Metajuku, by the way, well, it's a virtual 16,000 sf shopping district with retail stores and an open center atrium designed by Austin based Martin Guerra and developed by a global team of 3D real estate and game developers, all working for metaverse real estate developer, Republic Realm.
Metajuku, inspired by Japanese shopping district Harajuku, was launched in June 2021 and is located at the coordinates 94, 21 in Decentraland.
Opportunities in the Metaverse
JP Morgan has also released a report this month titled Opportunities in the Metaverse which marks the progression from web 2.0 to web 3.0 and identifies growing opportunities for businesses in the metaverse. In fact, the bank anticipates that with approximately $54 billion spent on virtual goods, soon huge brands and household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari and others may also have an established presence in the metaverse.
"The development of more immersive virtual experiences is helping people to build communities based on shared values, and to express themselves in more authentic ways," the report stated.
And, as if on cue, Disney has appointed a team of senior leaders to determine its strategy for the next great storytelling frontier on the metaverse. Disney follows on the heels of technology giants, Meta, and Microsoft who are also investing heavily in their metaverse strategies.
Is the New York Stock Exchange heading to the Metaverse?
Well, as far as the metaverse goes, the intentions of the New York Stock Exchange (NYSE) are still unclear, but what is for certain is that the NYSE has filed an application with the US Patent and Trademark Office for trademark licenses to launch metaverse, NFT and cryptocurrency related products, allowing room for the stock exchange to create a digital marketplace should it ever decide to do so.
Of course, the NYSE seems reluctant to discuss its future plans, as according to an article by the New York Post, the stock exchange said in a statement: "The NYSE has no immediate plans to launch cryptocurrency or NFT trading. The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”
Exciting Times
And so guys, like I said, these are indeed very exciting times for cryptocurrencies, blockchains, the metaverse, web 3.0, all of it. Every day there's a new report about a big business getting into the metaverse or investing in cryptocurrencies, even by way of neo banking, with even Warren Buffett getting in on the action it seems after traditionally criticizing crypto as rat poison.
Of course, there's a long way to go before maturity in this industry and so one can expect that there will be hits and misses along the way, but I am excited, guys. I truly am.
Personally, as a creator myself, I am extremely interested in web 3.0 projects and the future. I love the idea of ownership and the opportunities to earn and save and contribute to the growth of this evolving new world. But that's all me guys, what about you? What are your thoughts about these developments? Do you think that this is just a fad that will fade or do you think, like JP Morgan, that this is the continuation of an evolution that started many years ago? Do you see opportunities ahead or red flags? I'd love to hear your views.
Meanwhile, guys, I'm off to grab some virtual clothes and an avatar. I've heard talk about Decentraland's plans to launch fashion week in the metaverse, beginning March 24th, and I'm hoping to grab front row seats next to a mega star. A screen grab of such an experience would be awesome! And if I can pull off some avant garde fashion that ensures that I stand out, do you know how many virtual followers that could earn me? I'm visualizing it now.
I could literally retire and just focus all of my energy on creating content for you guys. You never know, guys! One can dream.
Note to my followers:
Guys, on Publish0x, I've tried to simplify my crypto content, simply because when I started to read about crypto I had no clue what it was, what it meant, and technical content was zooming way over my head. Listen, I was never great at math, so even the of a chart and I zone out, I promise you. And so, as I learned, I thought this was a great opportunity to just share content in a regular way, just among friends, chatting about developments and trying to make it as fun and engaging as I could. That's been my goal and I hope that I am achieving that. In this journey though, I am eternally grateful for your support, for reading my articles, providing feedback and for helping me to grow as a writer. This means a lot as I try to strengthen my online presence. My growth is nothing without you. So thanks, guys.
For other content from me, you can find me on READ.CASH where I relax and chat about life and philosophical stuff.
Anyways, my friends, I'm off. Until we meet again, please remember to be safe, all right? Arrivederci
