Fidelity doubles down on its bet on crypto. The well-known U.S. firm filed three trademark applications for the development of metaverse-related products. Is this the right step for Fidelity? Let's see.
According to information from the U.S. Trademark Patent Office, Fidelity is deeper into the metaverse than ever before. Fidelity filed three separate patents for various services within the metaverse.
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Among the services offered is the creation of marketplaces to trade digital collectibles. They also applied for patents to create virtual real estate investment systems. Finally, Fidelity filed for patents to offer investment services in the metaverse.
This step is consistent with the firm's previous effort to launch Fidelity Crypto at the end of November. The first users interacted with Bitcoin and Ethereum with the backing of Fidelity and no fees.
But Fidelity's plans continue beyond there. According to the presentation, the company will also seek to offer virtual wallet services. With such a wallet, its users could process electronic payments and digital currencies on the blockchain.
However, it is only good having all these services after first working on educating users. For this reason, Fidelity also plans to offer educational services in the metaverse. These would provide workshops and seminars on investments and financial services.
Fidelity's effort is essential for the market's success and mass adoption. The road from patents to the final product is long, and many problems will arise along the way. Yet, Fidelity has done all the talking and is ready to do all the walking.