Fidelity Investments (a leading financial services provider with $11.3 trillion of assets under administration) has opened an eight-story learning facility and launched 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.”
Metaverse: Fidelity enters
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.
Fidelity Stack, a metaverse building with eight stories is where you can find information about investing in different ways. One whole floor is dedicated to providing information about Fidelity Metaverse ETF (FMET), the firm’s new exchange-traded fund focusing on metaverse investments. This is Fidelity’s explanation:
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, an Ethereum-based metaverse was opened to the public on January 2020. JPMorgan, a global bank for investment and banking in the United States chose Decentraland to be its metaverse platform.
Kathryn Condon (head of Fidelity’s marketing channels & emerging platforms), 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. This is the purpose of our foray into metaverse.
Citi forecasted last month that the metaverse would be worth $13 trillion and have five billion users by 2030. Morgan Stanley and Goldman Sachs, global investment banks worldwide, believe the metaverse has an $8 trillion potential.
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