Fidelity Doubles Down on Metaverse With Financial Literacy Experience
The company’s latest efforts to reach younger investors “where they are” come after its debut in the sector last year
PL Gould/Shutterstock modified by Blockworks
Financial services titan Fidelity is looking to build upon its presence in the metaverse via digital experiences designed to bolster financial education for investors.
The company is set to launch Pancake Empire Tower Tycoon on online game platform Roblox, as well as what it calls Bloom-o-rama in Decentraland, it revealed Thursday.
Decentraland users who visit Fidelity’s Bloom-o-rama will navigate a hedge maze to gather saving, spending and investing tips — taking quizzes along the way. Users can unlock a Power Petal Suit, Bibi’s Boost Pack, Bibi Shades and Bloom-o-vision.
Those who complete Bloom-o-rama’s tasks can win $25,000 via Fidelity Bloom — a financial app designed to help users grow their savings.
Both launches come after the company created Fidelity Stack in Decentraland last year, a building comprising a dance floor and rooftop garden. That experience was introduced at the same time Fidelity listed two ETFs focused on the crypto industry and the metaverse.
“We apply a scan, try, and scale approach to innovation, and our experimentation with new platforms is no different,” Fidelity marketing head Kathryn Condon said in a Thursday statement.
The company, which had more than $10 trillion assets under administration at the end of 2022, also filed trademark applications late last year related to a range of metaverse services. Plans for an NFT marketplace were also included within the documents.
While it is premature to discuss trademark applications, a Fidelity spokesperson told Blockworks, they reinforce the company’s continued focus to “meeting customers where they are.”
“We are increasing the quantity and variety of our solutions, including our metaverse offerings and emerging technologies, that provide more ways for our customers to engage with us,” the representative said.
Fidelity was not the first traditional finance firm to jump into the metaverse.
JPMorgan unveiled a virtual lounge in Decentraland in February 2022. In a report published at the time, the bank estimated the metaverse’s market opportunity to be more than $1 trillion in yearly revenues.
The investment unit of Thailand-based Siam Commercial Bank, as well as London-based financial services provider HSBC, bought virtual real estate in the Sandbox metaverse the following month.
Bank analysts at Citi said in March 2023 that the Web3 economy could reach between $8 trillion and $13 trillion by 2030.
Still, the metaverse remains a nascent space. Since Facebook changed its corporate name to Meta, the company’s metaverse-focused division has lost billions of dollars quarter after quarter. Executives have said they will continue to invest in the sector, noting that they see “significant long-term opportunities.”
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