Fidelity Looking to Launch NFT Marketplace and Offer Investment Advice in the Metaverse

Fidelity Looking to Launch NFT Marketplace and Offer Investment Advice in the Metaverse

Fidelity Investments, the $4.5 trillion asset management company, has filed trademark applications for a number of web3 services, including an NFT marketplace and a crypto trading services platform in the metaverse

Three trademarks filed with the United States Patent and Trademark Office (USPTO) on Dec. 21 confirm Fidelity’s interest in establishing itself as a financial behemoth in the metaverse. 

Apart from NFT and crypto trading services, Fidelity also wants to offer investment services in the virtual world, including mutual funds, wealth management, retirement fund, and financial planning advisory. 

To promote its financial services, the company wants to conduct “classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services in the metaverse and other virtual worlds.”

Additionally, the investment giant wants to launch a metaverse-based payment service that would be useful in managing day-to-day expenses, including electricity and credit card bill payments as well as fund transfers. 

“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,” one filing reads. 

In April, Fidelity, which is the largest provider of 401(k) retirement accounts, allowed eligible individuals to save up to 20% of their retirement funds in Bitcoin as part of its retirement service offerings. 

The move drew harsh criticism from a group of U.S. senators, including crypto critic Elizabeth Warren and Richard Durbin, who called for reconsideration because of the volatile nature of digital assets. 

Despite the warnings and the catastrophic collapse of the crypto exchange FTX, Fidelity’s filings reaffirm its confidence in the future of blockchain tech for the financial industry.

In Oct., the Boston-based company reportedly wanted to add 100 new hires to its crypto unit in contrast to the broader industry layoffs. 

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Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is an industry expert within the crypto-sphere and the primary journalist for Coinmash. He is an expert in finance and disruptive tech, such as blockchain.