JP Morgan, one of the world’s biggest organizations, is spearheading a new metaverse drive. The company’s CEO, Jamie Dimon, has previously made unfriendly comments about Bitcoin. However, JP Morgan seems to have made a swift turn into the fresh opportunities posed by the metaverse.
JP Morgan recently released a report explaining how businesses can embrace the metaverse. The metaverse is the newest buzzword in the crypto space. But, it will not replace human interaction. Instead, it would improve existing methods of interaction.
The metaverse is still in its cradle stage. This means that there’s no one-size-fits-all definition of what it is. However, it is safe to say that the metaverse is the world’s digital future. The metaverse is a united, virtual society. People can work, relax, unwind, trade, and interact in it. Also, it converges the physical and virtual worlds together in a seamless way.
The metaverse consists of various digital universes. Also, several platforms, such as Decentraland, provide users with distinct experiences in the metaverse. These experiences aren’t limited to tech gurus alone. Tech giants like Microsoft can host virtual workspaces. But, there’s room for other crafts. Singers like Beyonce can tour the globe from the comfort of their homes. In addition, their fans can enjoy thrilling virtual performances.
The world has reached a point where users daily interact with the metaverse. For example, crypto gamers utilize the metaverse to enjoy play-to-earn games. In addition, artists also host digital events, showing off their craft. However, despite the uniqueness of the metaverse, businesses need to learn how to detect opportunities.
Capitalizing on Commercial Infrastructure for the Metaverse
JP Morgan identified various opportunities in the metaverse. The metaverse will greatly expand access to a global marketplace. However, despite the hype around the metaverse, there are certain areas that need development and adjustment.
Problems are usually opportunities for businesses. As a result, projects can capitalize on these areas that need attention and create huge sources of income for themselves. These areas include technology and commercial infrastructure. In addition, privacy and identity, as well as the workforce, are other areas.
According to JP Morgan, these sectors represent a new potential for teams and initiatives. Furthermore, DAOs and other enterprises can collaborate to solve these issues. In terms of commercial infrastructure, projects would need to sort out key factors for supporting trade and the meta-economy. These include Web3 virtual world collaborations with traditional financial payment systems. For example, credit cards and automated clearing houses/wires. Furthermore, there is a need to integrate Web 2.0 virtual worlds with cryptocurrency payments.
More Infrastructural Needs
The metaverse would need a single wallet that provides an all-inclusive experience. Such a wallet would feature a traditional financial payment system. Furthermore, it would also contain virtual assets and currencies. In addition, the single wallet would feature Web 3.0 crypto, digital assets, and NFTs.
Other features to be added to such a wallet might include:
- Verifiable credentials for digital identification.
- Know-your-customer (KYC) and anti-money laundering (AML) compliance keys and reputation points.
- Variety of aliases to protect anonymity and provide digital freedom.
There are other commercial infrastructures that the metaverse needs. As mentioned earlier, these are possible business opportunities. For example, the metaverse would need digital asset-backed financing. This model would see NFTs act as collateral for virtual mortgages.
Furthermore, projects can initiate new trends. This includes building cross-border and cross-metaverse foreign exchange and liquidity services. Other infrastructure to provide would include an improved user experience for non-crypto/Web 3.0 natives in mainstream adoption.
Workforce of the Future
The metaverse is still in its early stages, meaning that many things are far from their finished points. The metaverse workforce has not had many conversations around it, yet it could be a huge opportunity for several projects. Organizations can consider training new designers and developers. These digital creators can learn 3D modeling of avatars, wearables, and interiors.
Furthermore, content creators and storytellers are two areas to consider. Like in the traditional world, the metaverse would need content creators that spill into several areas. These include NFTs, gaming, token gates, and communities.
Projects can also delve into establishing community managers. These managers would build stable online and offline communication models. This would enhance platform participation. Also, the metaverse is sure to be a new destination for lively events, concerts, and parties. As a result, there is a need to train metaverse event producers.
Privacy and Identity
Privacy and user identification will be another crucial part of metaverse interactions. So far, there are not many projects looking into this. However, privacy and identity concerns could be key areas that projects can capitalize on. These are business opportunities. Projects can explore the possibility of having several identities preserved. They could also include private KYC/AML-compliant payment systems.
Furthermore, projects can explore verifiable credentials. This would aid identification concerns. Also, metaverse-based businesses can build privacy measures to prevent online bullying or any form of harassment. Projects can introduce the expansion of NFT token-gated rooms to support the development of exclusive meetings and messaging.
In conclusion, the metaverse is new, but there are plenty of opportunities. The JP Morgan report highlights that projects can take advantage of the newness of the metaverse and launch their businesses.
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