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- Fidelity has filed a trademark application for various Web3 products and services in the US.
- They plan to provide a wide range of financial services inside the metaverse.
- Also, have plans to use the metaverse for financial education purposes.
The NFT market is slowly gaining traction; it is often referred to as the technology of the future. Recently Warner Music Group invested in DressX, a digital fashion studio. Here the artists under WMG can have digital dresses and accessories for their digital avatars. Now Investment giant Fidelity Investments has entered the race and have filed a trademark application in the US for many Web3 products and services.
NFT marketplace, financial investment and crypto trading services in the metaverse are to be part of their plans. These details come from 3 trademark filings on December 21, 2022, to the United States Patent Trademark Office (USPTO), and Mike Kondoudis, a licensed trademark attorney, brought under attention a tweet on December 27.
The firm is mainly focusing on the possibilities of offering a broad range of investment services in the metaverse. Including retirement funds, mutual funds, financial planning and investment management. Fidelity also seems to be working on a metaverse-based payment system and could include electronic funny transfers and bill payments and the
“financial administration of credit card accounts in the metaverse and other virtual worlds.”
In the realm of crypto, the filings suggest that they could launch trading and management services inside the metaverse and provide virtual currency wallet services.
The filing reads: “Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network.”
Furthermore, the investment giant says educational services in the metaverse could be possible. They could conduct workshops, classes, conferences and seminars for field investments and marketing financial services.
The filings further read: “Providing business information to financial service providers by means of an internet web site, in the field of business marketing in the metaverse and other virtual worlds.”
Fidelity also has plans for NFTs, as their investment manager indicated that they could launch an online marketplace where buyers and sellers of NFTs are welcome. Additional information regarding the platform is unavailable at the moment.
This filing is good news for the industry, as a giant like Fidelity, despite such demotivating conditions prevailing the market is entering the market. Moreover, they plan to increase their exposure and offerings in Web3.
Contrary to other crypto firms laying off their employees, in October 2022, Fidelity was looking to expand their crypto unit by hiring a new staff of 100 members. This information cements their plans to storm the crypto and metaverse industry.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
