Fidelity Files Trademark Application for NFT Marketplace

Fidelity Investments has filed trademark applications in the U.S. for a number of Web 3.0 products and services including an NFT marketplace along with crypto trading services in the metaverse.

One of the world’s largest investment giants, Fidelity Investments, submitted trademark applications in the United States to the U.S. Patent Trademark Office (USPTO) on December 21, which included a non-fungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse. Mike Kondoudis, a licensed trademark attorney in the U.S. shared the news on Twitter:

#Fidelity has plans for the metaverse!The company has filed 3 trademark applications covering▶️ NFTs + NFT Marketplaces▶️ Metaverse Investment Services▶️ Virtual Real Estate Investing▶️ Cryptocurrency Trading… and more!#NFTs #Metaverse #Crypto #Web3 #Defi #Finance pic.twitter.com/op9fg80e7z

— Mike Kondoudis (@KondoudisLaw) December 26, 2022

Fidelity has said that one of its key areas of focus will be the metaverse. The firm said that it will offer a wide range of investment services in the virtual world including mutual funds, retirement funds, investment management, and financial planning according to reports by Cointelegraph. Fidelity may also be planning to launch metaverse-based payment services that would include electronic bill payments, fund transfers, and the “financial administration of credit card accounts in the metaverse and other virtual worlds.” The filing further indicates that Fidelity could launch trading and management services in the metaverse as well as provide virtual currency wallet services. The filing indicates:

Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token.

Fidelity has also indicated that it could offer educational services in the metaverse by “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”

The filing reads:

Providing business information to financial service providers by means of an internet website, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds.

The announcement is also in line with Fidelity’s recent announcement that it is growing its digital asset division by 25%.

Fidelity Cautioned Against Offering Bitcoin to Customers

Fidelity was recently issued with a letter from three U.S. senators urging them to drop its 401(k) Bitcoin plan. The senators cite the fall of the cryptocurrency exchange FTX as the reason for the asset management firm to revise its Bitcoin offering to retirement savers. The letter stated:

Once again, we strongly urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to Bitcoin. Adding, The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems.

Two of the senators also sent a letter in July commenting that the offering was a bad idea.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.