Trillion-$-asset-manager to start an NFT marketplace

  • Fidelity seeks to offer essential services like retirement funds, mutual funds, financial planning, and investment management in the metaverse.
  • The asset manager further revealed that it would soon launch its NFT marketplace for creators and buyers of digital collectibles.

Fidelity Investments has announced plans to kickstart its metaverse journey with a series of trademark applications to put its vision in motion. The investment giant filed for several trademark applications in the United States to offer Web3 products and services, NFT, financial investment tools, and digital asset services in the virtual ecosystem.

Fidelity files new patents

The latest development comes after attorney Mike Kondoudis tweeted that on December 21, Fidelity filed more than three trademark applications at the United States Patent and Trademark Office (USPTO). Furthermore, according to the recent trademark filings, Fidelity’s priority is the metaverse, with the firm indicating that it plans to offer numerous investment products and services in the virtual environment.

Some essential services it wants to offer include retirement savings funds, mutual funds, financial planning, and investment management. Meanwhile, the investment platform is working on launching metaverse-based settlement services, such as electronic utility bill payment, fund transfers, and the issuance of credit cards and accounts in the metaverse. For its crypto services, Fidelity discloses that it will unveil digital currency trading and management services in the metaverse along with wallet services.

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Part of the filing reads, “Fidelity intends to build an electronic wallet service to include the storage and processing of digital currencies for electronic payments and transactions through a global computer network.” In addition, the firm disclosed that it would offer educational services in the metaverse with a virtual environment for conducting classes, conferences, workshops, seminars, and other financial and investment services training.

Another part of the filing states that Fidelity seeks to provide business data to financial services providers. Such data include metaverse business marketing, investment consultancy, and financial planning in the metaverse and other virtual environments.

Exploring Web3

Furthermore, the firm’s plan indicates that non-fungible tokens (NFTs) are also central to the investment manager’s digital adventure. Fidelity revealed that it would soon launch its NFT marketplace for creators and buyers of digital collectibles. However, further details have yet to be released by the fund manager at the time of publication.

Meanwhile, the current market downturn and FTX collapse have fueled Fidelity’s renewed interest in exploring Web3 and expanding its exposure. Before its trademark filings, the firm called for comprehensive regulation in response to a November 21 memo from the anti-crypto senators, Elizabeth Warren, Richard Durbin, and Tina Smith. The lawmakers have requested that Fidelity Investments reconsider its proposed Bitcoin retirement tools due to the volatile and chaotic nature of these digital financial assets.

At that time, a spokesperson for Fidelity explained that the firm has always strived to ensure excellence in “consumer protection” and that the events in the broader crypto market only underscored the need for more standards and guidelines. In a daring move in October, Fidelity was reportedly planning to hire more staff when most crypto exchanges have laid off a significant part of their workforce. 2022 has been challenging for most crypto firms as the market condition forced them to reduce part of their employees to stay afloat.

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