Fidelity Investments, a major financial services firm with $11.3 trillion in assets under administration, has entered the metaverse with the opening of an eight-story learning center and the launch of a metaverse exchange-traded fund (ETF). The Fidelity Stack features “a multi-level design complete with a lobby, dance floor, and rooftop sky garden for users to explore on foot – or even through teleport.”
Fidelity Enters the Metaverse
Fidelity Investments announced Thursday the grand opening of “The Fidelity Stack,” which the brokerage firm described as its “first immersive metaverse experience aimed at offering a new way to learn investing basics.” Fidelity is one of the largest financial services firms; it currently has $11.3 trillion in assets under administration.
The Fidelity Stack is an eight-story building in the metaverse where visitors can learn about different ways of investing. One whole floor is dedicated to providing information about Fidelity Metaverse ETF (FMET), the firm’s new exchange-traded fund focusing on metaverse investments. Fidelity explained:
The Fidelity Stack, built in Decentraland, features a multi-level design complete with a lobby, dance floor, and rooftop sky garden for users to explore on foot – or even through teleport.
“In the Invest Quest at The Fidelity Stack, users are challenged to traverse the building learning the basics of ETF investing while gathering ‘orbs’ along the way,” the announcement continues.
Decentraland is an Ethereum-based metaverse opened to the public in January 2020. In February, global investment bank JPMorgan chose Decentraland as the metaverse platform to open its lounge.
Kathryn Condon, head of marketing channels and emerging platforms at Fidelity, commented:
The way we engage with each other and with our money is rapidly changing, whether that’s through the rise of blockchain technology or development of a new digital universe. Our foray into the metaverse is designed with this in mind.
Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with five billion users by the year 2030. Global investment banks Goldman Sachs and Morgan Stanley believe that the metaverse is an $8 trillion opportunity.