Fidelity Investments, a leading financial services company with $11.3 trillion in assets under management, entered the metaverse with the opening of an eight-story learning center and the launch of a metaverse exchange-traded fund (ETF). Fidelity Stack features “a multi-level layout complete with a lobby, dance floor, and rooftop garden for users to explore on foot, or even by teleportation.”
Fidelity enters the metaverse
Fidelity Investments on Thursday announced the grand opening of “The Fidelity Stack,” which the exchange described as its “first immersive metaverse experience designed to offer a new way to learn the basics of investing.” Fidelity is one of the largest financial services companies; it currently has $11.3 trillion in assets under management.
Fidelity Stack is an eight-story building in the metaverse where visitors can learn about different ways to invest. An entire floor is dedicated to providing information on the Fidelity Metaverse ETF (FMET), the company’s new exchange-traded fund focused on metaverse investments. Fidelity explained:
Built in Decentraland, the Fidelity Stack features a multi-level layout complete with a lobby, dance floor, and rooftop garden for users to explore on foot, or even by teleportation.
“In Invest Quest on The Fidelity Stack, users are challenged to walk the building learning the basics of ETF investing while collecting ‘orbs’ along the way,” the ad continues.
Decentraland is an Ethereum-based metaverse open to the public in January 2020. In February, global investment bank JPMorgan chose Decentraland as the metaverse platform to open its lounge.
Kathryn Condon, director of marketing channels and emerging platforms at Fidelity, commented:
The way we relate to each other and our money is changing rapidly, whether it is due to the rise of blockchain technology or the development of a new digital universe. Our foray into the metaverse was designed with that in mind.
Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with five billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley believe the metaverse is a $100,000.8 trillion opportunity.