Asset manager Fidelity Investments has applied to trademark financial investment services and a non-fungible token (NFT) marketplace in the metaverse, according to new filings made in the U.S.
The filings show that Fidelity also intends to trademark a cryptocurrency trading platform as well as virtual real estate services in the metaverse. The multiple applications were made to the United States Patent and Trademark Office (USPTO) on Dec. 21.
‘Fidelity has plans for the metaverse’
Trademark attorney Mike Kondoudis was the first to bring the news to light. He tweeted on Dec. 27 that “Fidelity has plans for the metaverse.”
#Fidelity has plans for the metaverse!
The company has filed 3 trademark applications covering
▶️ NFTs + NFT Marketplaces
▶️ Metaverse Investment Services
▶️ Virtual Real Estate Investing
▶️ Cryptocurrency Trading
… and more!#NFTs #Metaverse #Crypto #Web3 #Defi #Finance pic.twitter.com/op9fg80e7z
— Mike Kondoudis (@KondoudisLaw) December 26, 2022
Fidelity says it plans to offer a range of investment services in the metaverse and other virtual worlds. This ncludes mutual funds, retirement funds, investment management and financial planning.
Metaverse services will also cover electronic bill payments, “financial administration of credit card accounts”, funds transfer and other finance-related services. Fidelity is looking to offer non-fungible tokens that “feature textual and graphical content”.
The company plans to provide an online NFT marketplace where people can buy and sell “digital media.” The trademark applications also reveal intentions to offer cryptocurrency exchange and wallet services in the metaverse.
Fidelity Investments will provide educational services that cover issues such as “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services in the metaverse and other virtual worlds.”
Metaverse rush: Big brands seek to gain foothold
Fidelity Investments is one of the largest mutual fund companies in the U.S, with more than $4 trillion in assets under management as of March 2022. The 76-year old privately-owned company manages retirement plans and provides wealth management services along with 401(k) rollovers, among other offerings.
Fidelity is not the first financial services entity to have filed trademarks to join the metaverse. A number of leading big brands across different industries are rushing to gain a foothold in Web3. The list includes Mastercard, HSBC, Capital One and others.
Other financial firms are already operating in the metaverse. SEBA Bank now offers custody services for non-fungible tokens built on the Ethereum blockchain. Sygnum is providing lessons on the future of finance and other innovative products in the metaverse.
Put simply, Web3 is the idea of an Internet that is decentralized and powered by technologies of blockchain tech and token-based economics. Non-fungible crypto tokens (NFT) are expected to play a key role in Web3 as a medium of exchange.