LAND, the token of metaverse platform Decentraland, is up over 8% on the day, following the release of a report from JP Morgan calling the metaverse a $1 trillion market opportunity.
JP Morgan's report coincided with the launch of the bank's virtual Onyx Lounge in Decentraland's Metajuku district, complete with a wandering tiger as well as a floating portrait of the bank's CEO and noted crypto skeptic Jamie Dimon.
Other metaverse-linked tokens including Axie Infinity and Enjin Coin have enjoyed a bump from the report, up 7.8% and 4.1%, respectively.
In the report, titled “Opportunities in the Metaverse,” JP Morgan stated that the niche “will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
The report cited the entry of mainstream brands including Walmart, Nike, and Adidas into the metaverse, prompting business leaders to ask, “What is my metaverse strategy？”
The bank argues that its own “core competencies in crossborder payments, foreign exchange, financial assets creation, trading and safekeeping” will enable it to play a role in the emergent digital environment.