# Hanging out in the metaverse

**Published by:** [Brandon Donnelly](https://brandondonnelly.com/)
**Published on:** 2022-02-23
**Categories:** crypto, deadmau5, decentraland, jp-morgan, metajuku-district, metaverse, report, tech, web3
**URL:** https://brandondonnelly.com/hanging-out-in-the-metaverse

## Content

I've only hung out in Decentraland a few times. One of the times was to check out a Deadmau5 concert, which was cool, though not quite the same as a live show. But I have no doubt that all of this is a big deal and that I'll probably end up at another virtual concert at some point. JP Morgan, for example, just opened up a virtual banking lounge in Decentraland's Metajuku district, called the Onyx Lounge. They also just released this new report talking about how the metaverse is probably a $1 trillion market opportunity (based on their projected yearly revenues). Here are some other figures. In 2019, about $54 billion was spent on virtual/digital goods. These are things like game skins. This is compared to $42 billion at movie theaters and $30 billion on recorded music. So things that are purely digital (and have a very low marginal cost) are already a huge deal and people are spending a lot of money on them. Last year, the market cap of NFTs also surpassed $40 billion. The naysayers will tell you that you can just "right-click, save as" instead of spending any crypto on NFT images, but clearly something broader is underway. JP Morgan is of the opinion that it is only a matter of time before the metaverse infiltrates every sector of the economy in some way, shape, or form. Would you agree? Image: Decrypt

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