Fidelity Investments’ filing trademark applications confirms heightened plans to offer Web3 products, non-fungible tokens (NFT) and metaverse-based crypto trading services.
The asset management firm expressed interest in pursuing various avenues in the metaverse as outlined in three trademark filings submitted on December 21 to the US Patent Trademark Office (USPTO).
Aligning Fidelity Portfolio to Metaverse Ecosystem
Mike Kondoudis, a licensed trademark expert, revealed Fidelity Investments’ interest in metaverse in his December 27 tweet that the $4.2 trillion asset management firm applied for the trademark filings. Kondoudis acknowledged that the documents identified Fidelity’s scaled interest in offering virtual-tied investment services. In particular, the filings include mutual, retirement, financial planning and investment management services.
Besides replicating its conventional portfolio of services to the virtual ecosystem, Fidelity Investments is set to offer metaverse-based payment services. The services will leverage Web3 technologies to provide electronic bill settlements, administer credit card accounts, and transfer virtual funds.
Kondoudis added that the filings identify Fidelity Investments will launch crypto management and trading services within the ecosystem. Also, the trademark attorney noted that Fidelity’s application expresses interest in virtual currency wallet services.
The filings capture Fidelity’s intention to offer comprehensive electronic wallet services supporting payments, storage and crypto processing through a network of cryptocurrency digital tokens.
Expanding Fidelity’s Presence in Web3 Technologies
The filings identify a distinct niche for Fidelity to offer metaverse-based educational services. However, Kondoudis considered the educational scope and will prioritize workshops and conferences for investment and marketing its financial products. In addition, Fidelity plans to venture into NFTs by offering an online marketplace where creators and buyers can trade their tokens.
Fidelity’s interests in NFTs and metaverse suggest recovery from the current crypto market slowdown. Unsurprisingly, the trademark application echoes Fidelity’s commitment to assembling crypto experts by adding 100 staff in October. The move contrasts the current trend of crypto service operators laying off employees.
The filing executed by Fidelity reveals the firm’s devotion to expanding exposure in Web3 offerings despite the intense bear market and sudden FTX collapse plunging the crypto ecosystem into crisis.
Editorial credit: Jonathan Weiss / Shutterstock.com
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