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Fidelity Plans to Launch NFT Marketplace and Offer Crypto Services in Metaverse

Published 12/27/2022, 12:15 PM
Updated 12/27/2022, 01:30 PM
Fidelity Plans to Launch NFT Marketplace and Offer Crypto Services in Metaverse

  • Fidelity Investments submitted three trademark applications to the United States Patent Trademark Office (USPTO).
  • The applications show Fidelity’s intent to start offering crypto services like mutual funds, real estate, and retirement investment services “in the metaverse and other virtual worlds.”
  • The investment giant said it might launch an NFT marketplace “featuring textual and graphic content” in the future.
  • Fidelity also seems to be interested in providing crypto wallet and trading services.

Investment behemoth Fidelity Investments looks to enter the metaverse and cryptocurrency industries, recent trademark filings show.

Fidelity submitted three trademark applications to the United States Patent Trademark Office (USPTO) on December 21. All of them are oriented towards providing various services “in the metaverse and other virtual worlds.”

For example, applications indicate that Fidelity might offer a wide range of services. These include mutual funds, real estate and retirement investment services, securities brokerage services, and charitable fundraising services in the metaverse. Fidelity might also have plans to launch educational services like workshops, classes, and seminars in marketing financial services.

Fidelity, which boasts $4.5 trillion in assets under management, also seems interested in providing crypto wallet services. Secure placement, management, and cryptocurrency asset trading are possible venture areas.

“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network,” the application reads. As for non-fungible tokens (NFTs), the investment giant might also launch an NFT marketplace for “buyers and sellers of digital media, namely, non-fungible tokens featuring textual and graphic content.”

Crypto also plays an important role in Fidelity’s plans. For example, the firm might offer “digital currency, virtual currency, cryptocurrency digital token, crypto token and utility token trading services, namely, electronic transfer of virtual currencies.”

The company also wants to facilitate crypto trading services. They include “providing a financial exchange for the trading of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”

Fidelity Stays Bullish on Crypto

Fidelity’s trademark applications come just two months after the second-largest crypto exchange FTX spectacularly imploded. On top of that, most cryptocurrencies have been down 90% and more since the start of the year.

However, Fidelity seems to be showing loyalty to its crypto plans. In early November, one of the U.S.’s largest and oldest investment companies started offering early access to its crypto product, Fidelity Crypto. This app will allow trading Bitcoin and Ethereum without commission fees.

In April of this year, Fidelity announced its plans to offer workers the chance to invest in Bitcoin in its 401(k) retirement plans. They are the first significant investment fund to do this. The move has been heavily criticized by industry players and regulators, especially after the FTX debacle.

On the Flipside

  • It’s unclear what specific services Fidelity plans to offer.
  • It’s unknown when Fidelity will start offering its services outlined in the trademark applications.
  • Filing a trademark application doesn’t mean a company must launch products or services mentioned in the application.

Why You Should Care

Fidelity is one of the largest investment funds in the world. For it to show interest in crypto and file multiple trademark applications covering a wide range of potential ventures in the metaverse and crypto industries is a confirmation the broader blockchain community desperately needs.

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