Fidelity Exploring Expansion Into NFT Marketplace And Crypto Services On Metaverse
- Fidelity Investments recently filed three trademark applications with the USPTO.
- The documents reveal Fidelity’s plans to provide crypto services such as mutual funds, real estate, and retirement investment in the metaverse and virtual worlds.
- The investment giant may also launch an NFT marketplace and provide trading services and crypto wallets in the future.
- Fidelity could also facilitate trading of digital currency, virtual currency, cryptocurrency, digital tokens, cryptographic tokens, and utility tokens.
Investment powerhouse Fidelity Investments has recently filed three trademark applications with the United States Patent And Trademark Office (USPTO). All of these documents point towards the company’s plans to enter both the metaverse and cryptocurrency markets.
The applications reveal Fidelity’s intention to offer crypto services such as mutual funds, real estate, and retirement investment in the metaverse and virtual worlds. Besides, Fidelity also appears to be interested in offering trading services and crypto wallets.
“Electronic wallet services in the form of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network”, the application reads. As for NFTs, Fidelity may open an NFT marketplace for “buyers and sellers of digital media, i.e. non-fungible tokens with textual and graphical content.”
Moreover, Fidelity could also facilitate trading of digital currency, virtual currency, cryptocurrency, digital tokens, cryptographic tokens, and utility tokens. The company might also offer educational services such as classes, workshops, and seminars on marketing financial services.
Fidelity Steadfast in Crypto Plans
Fidelity’s trademark filings come just two months after the implosion of FTX, the second-largest crypto exchange. Most of the cryptocurrencies are also down by more than 90% since the start of the year.
Nevertheless, Fidelity is sticking to its crypto plans. Earlier this November, the investment giant rolled out early access to its crypto product, Fidelity Crypto, which will enable trading without any commissions. In April, the company also announced plans to allow employees to invest Bitcoin in their 401(k) retirement plans, which made it the first major mutual funds to do so. The move was heavily criticized by industry players and regulators, particularly after the FTX debacle.
Turnaround
- It is unclear what services Fidelity plans to offer.
- It is also unknown when Fidelity will offer the services as described in its trademark applications.
- Filing a trademark does not necessarily mean that the company will launch the products or services outlined in the application.
Why should you care?
Fidelity is one of the world’s largest investment funds. The fact that it is investing in cryptocurrencies and has filed multiple trademark applications covering a wide range of potential services in both the metaverse and crypto industries is the assurance that the blockchain community needs.
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