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Fidelity Investments, the US financial services giant, will enter the Metaverse market through the launch of an exchange-traded fund (ETF) knowledge hub.
Fidelity is one of the world’s leading financial services companies with $11.3 trillion in assets under management. On Thursday (April 21), the company opened “The Fidelity Stack” – an 8-story building in the metaverse – where the basics of ETF investing are shared.
Fidelity will set aside a floor on Fidelity Stack to provide information on the Fidelity Metaverse ETF (FMET), the company’s new exchange-traded fund focusing on metaverse investments.
Fidelity’s statement said:
The Fidelity Stack, built at Decentraland, features a multi-story design complete with a lobby, dance floor and a rooftop garden that users can explore on foot – or even via teleportation. In the Investment Quest at The Fidelity Stack, users are challenged to walk through the building to learn the basics of ETF investing while collecting orbs along the way.
Kathryn Condon, Director of Marketing Channels and Emerging Platforms at Fidelity said:
The way we interact with each other and with our money is changing rapidly, whether it is through the rise of blockchain technology or the growth of a new digital universe. Our foray into the metaverse was designed with this in mind.
A report by the US bank, Citibank, has suggested that the Metaverse market could be worth between $8 trillion and $13 trillion with 5 billion users by 2030. Additionally, the global investment bank is Goldman. Sachs and Morgan Stanley announced they saw an $8 trillion opportunity from the metaverse.
This is the latest activity of financial giant Fidelity in its strategy to enter the blockchain field. A few days earlier, Fidelity Investments launched four new exchange-traded funds (ETFs) focusing on three growing investment trends: crypto, metaverse, and environmental, social, and governance criteria. (ESG). However, as expected by management, these funds will not provide direct exposure to cryptocurrencies but will invest in companies that support the broader digital asset ecosystem.
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