Fidelity plans NFT marketplace and financial services in the metaverse
Newly filed trademark applications outline a long list of possible avenues for the firm in the metaverse.
Investment giant Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services, including a nonfungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse.
One of the key areas of the firm’s focus appears to be the metaverse, with Fidelity indicating that it could offer a wide range of investment services within virtual worlds including mutual funds, retirement funds, investment management and financial planning.
It also appears that metaverse-based payment services could be in the works, including electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds.”
In terms of crypto, the filings indicate that the firm could launch trading and management services in the metaverse, along with providing virtual currency wallet services.
“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” the filing reads.
Additionally, Fidelity outlines that it could offer educational services in the metaverse in the form of “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”
“Providing business information to financial service providers by means of an internet web site, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds” one filing reads.
NFTs are also in Fidelity’s plans, with the investment manager stating that it could launch an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens,” however further details on such are sparse.
The latest filings from Fidelity show that the firm has not been spooked by the intense bear market in 2022 and recent FTX implosion, and is instead looking to increase its exposure and offerings in Web3.
The firm essentially outlined as such and called for stronger regulation when responding to a Nov. 21 letter from crypto-hating senators Elizabeth Warren, Tina Smith and Richard Durbin, which had called on Fidelity to reconsider its Bitcoin due to the “volatile, tumultuous and chaotic” nature of crypto assets.
A Fidelity spokesperson told Cointelegraph at the time that the company “has always prioritized operational excellence and customer protection” and noted that “recent events” in the crypto industry have only “underscored the importance of standards and safeguards.”
It is also worth noting that back in October, Fidelity was reportedly looking to beef up its crypto unit by hiring 100 new staff members, a stark contrast to a number of crypto firms that have laid off a significant amount of employees this year.
BY: BRIAN QUARMBY