Trillion-$ Asset Manager to Launch an NFT Marketplace
- Fidelity seeks to offer important services such as pension 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 kick-start its metaverse journey with a series of trademark applications to set its vision in motion. The investment giant applied for several trademark applications in the US 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 according to attorney Mike Kondoudis tweeted that on December 21 Fidelity submitted more than three trademark applications to 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 a variety of investment products and services in the virtual environment.
#Rendering have plans for the metaverse!
The company has submitted 3 trademark applications covering
▶️ NFTs + NFT Marketplaces
▶️ Metaverse investment services
▶️ Virtual property investment
▶️ Cryptocurrency trading
… and more!#NFTs #Metaverse #Crypto #Web3 #Challenge #Finance pic.twitter.com/op9fg80e7z— Mike Kondoudis (@KondoudisLaw) 26 December 2022
Some important services it wants to offer include pension savings funds, mutual funds, financial planning and investment management. Meanwhile, the investment platform is working to launch metaverse-based settlement services, such as electronic utility bills, money transfers, and issuing credit cards and accounts in the metaverse. For its crypto services, Fidelity reveals that it will unveil digital currency trading and management services in the metaverse along with wallet services.
Part of the filing reads: “Fidelity intends to build an electronic wallet service that includes the storage and processing of digital currencies for electronic payments and transactions through a global computer network.” In addition, the firm revealed that it would offer educational services in the metaverse with a virtual environment for conducting classes, conferences, workshops, seminars and other training in financial and investment services.
Another part of the filing says Fidelity seeks to provide business data to financial services providers. Such data includes metaverse business marketing, investment advice and financial planning in 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, the fund manager has yet to release further details 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 the trademark filings, the firm called for sweeping regulation in response to a Nov. 21 memo from anti-crypto senators Elizabeth Warren, Richard Durbin and Tina Smith. 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 the time, a Fidelity spokesperson explained that the firm has always sought to ensure excellence in “consumer protection” and that events in the broader crypto market only underscored the need for more standards and guidelines. In a bold move in October, Fidelity planned to hire more employees when most crypto exchanges have laid off a significant portion of their workforce. 2022 has been challenging for most crypto firms as market conditions forced them to downsize some of their staff to stay afloat.
