Retail brokerage giant Fidelity Investments said on Thursday it opened a virtual eight-story building in the metaverse that offers financial education and dancing as it tries to attract more young investors to its platforms.
Fidelity Stack was timed to launch at the same time as the brokerage’s Fidelity Metaverse ETF
The brokerage’s Fidelity Stack ETF, which allows clients to invest in businesses active in the metaverse, a network of virtual worlds accessed via various devices where users may work, socialize, and play, was timed to launch at the same time as the Fidelity Metaverse ETF.
According to David Dintenfass, chief marketing officer and head of emerging customers at Fidelity, the Fidelity Stack, which was built in Decentraland, a web platform that mimics a metropolitan area with commerce districts, offices, and event spaces, is open to all but is primarily aimed at 18-35 year-olds.
“We’re trying to make sure we’re staying current for the next generation,” he said in an interview. Investors aged 18 to 35 established 3.8 million new Fidelity brokerage accounts in 2021, and the business has made an effort to communicate with them, including with its own Reddit sub-thread and TikTok account.
Fidelity launched a brokerage account designed exclusively for teens, supervised by their parents
Fidelity Investments, based in Boston, established a brokerage account for minors overseen by their parents in May, and roughly 60,000 accounts have been opened so far, according to Dintenfass. “Learning by doing,” he remarked, “is consistent with the metaverse.” “This is the next phase in a lengthy series of efforts to reach out to the next generation.”
The Fidelity Stack allows users to explore the building’s interior, which includes a dance floor and a rooftop sky garden, while also learning the principles of ETF investing and collecting “orbs” along the way, according to the business. Dintenfass wouldn’t specify how much Fidelity paid for the Decentraland virtual space.