See More

Fidelity Join ProShares in Filing Metaverse ETF Applications

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Fidelity joins ProShares and other firms in filing metaverse ETFs.
  • The Fidelity Metaverse Index would focus on products related to the development of the metaverse.
  • The metaverse is fast becoming one of the major trends of 2022.
  • promo

Fidelity Investments has filed a metaverse ETF with the U.S. SEC, according to a filing. The ETF would focus on companies building products related to the metaverse.

Fidelity Investments has filed a new ETF with the United States Securities and Exchange Commission (SEC). The ETF is focused on the metaverse, the filing reveals, and is called the Fidelity Metaverse Index. The product would focus on virtual worlds and businesses related to the “development, manufacturing and distribution of products related to the Metaverse.”

Interest in this new digital frontier is booming, both inside and outside the crypto space. ProShares, which has a popular bitcoin ETF already, also filed a similar ETF application in December 2021.

The SEC rejected a spot bitcoin ETF application by Fidelity earlier this week and has been quite against approving spot ETFs for the market. Futures-based ETFs, however, have been approved and SEC Chair Gary Gensler has shown acceptance for it.

It will not be long before other firms and companies enter the NFT market, with the way things are going. It is a very lucrative space and one that both crypto companies and traditional ones are eager to get a foothold in.

Metaverse set to become a major trend of 2022

The metaverse is set to have a very eventful year as multiple companies, including big tech, are working on products. Meta is going all-in the metaverse, with its Oculus line of VR products set to play a strong role. Microsoft also has its Vortex Studio, which is working on related products and will benefit from its acquisition of Activision Blizzard.

The potential of the metaverse to engage fans and build unique experiences is strong, and major companies want to cash in. With the growth of VR and AR, and prices of devices dropping, consumers can interact with their favorite experiences and characters and maybe even earn from them. Disney, for example, wants to build an amusement park in the metaverse.

Of course, these developments are quite far away, but companies want to be the first in the market. Alongside this, decentralized projects like Decentraland (MANA) and The Sandbox (SAND) are also building virtual worlds.

Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored