Fidelity Envisions a Metaverse Marketplace for Financial Services and NFTs

• Blockchain Council
• December 28, 2022

Fidelity Investments, the world’s largest investment firm, is looking to expand into Web3 technologies and services. The firm has recently filed several trademark applications in the United States to cover various products and services, including an NFT marketplace, financial investment services, and digital asset trading services in the virtual world known as the Metaverse.

This exciting news regarding three trademark filings submitted to the United States Patent Trademark Office was discovered by trademark attorney Mike Kondoudis In a December 21 tweet.

Fidelity has indicated that it may be able to provide a wide range of investing services within virtual worlds, including mutual funds, retirement funds, investment management, and financial planning. This looks to be one of the firm’s primary areas of interest.

#Fidelity has plans for the metaverse!

The company has filed 3 trademark applications covering
▶️ NFTs + NFT Marketplaces
▶️ Metaverse Investment Services
▶️ Virtual Real Estate Investing
▶️ Cryptocurrency Trading
… and more!#NFTs #Metaverse #Crypto #Web3 #Defi #Finance pic.twitter.com/op9fg80e7z

— Mike Kondoudis (@KondoudisLaw) December 26, 2022

Additionally, there may be plans for Metaverse-based payment services, such as electronic bill payments, fund transfers, and “financial management of credit card accounts in the Metaverse and other virtual worlds.”

According to the documents, the company may offer virtual currency wallet services and trading and administration services in the Metaverse.

The filing describes “digital currency, virtual currency, digital token” as “electronic wallet services in the category of digital storage and handling of virtual currency for online payments and transactions across a worldwide computer network.”

Fidelity also mentions that it may provide educational services in the Metaverse by “offering classes, workshops, seminars, and conferences in the field of investing and marketing financial services.”

In one document, it is said that the company “provides business information to financial service providers through an internet website, in the field of business development in the Metaverse and other virtual worlds; referral services in the field of investment counseling and financial management in the Metaverse and other virtual worlds.”

Fidelity also has ambitions for NFTs, indicating that it may develop an “online marketplace for buyers and sellers of digital material, especially “non-fungible tokens,” however additional specifics are few.

Fidelity continues to demonstrate its confidence in Web3 by increasing its exposure and offerings despite the challenging bear market and the recent FTX implosion. In response to the Nov. 21 letter from Senators Elizabeth Warren, Tina Smith, and Richard Durbin, Fidelity advocated for more stringent regulations around digital assets. They urged the senators to reassess their stance on Bitcoin retirement products as such, need to be monitored more closely due to the unpredictable nature of the market.

Fidelity has consistently prioritized operational quality and consumer security, and current happenings within the digital assets industry have highlighted the necessity of regulations and safeguards. This stands in marked contrast to the trend of numerous digital currency agencies letting go of many employees this year; in October, Fidelity was reportedly planning to expand its digital assets division by employing an additional one-hundred personnel.

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