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Fidelity Shrugs Off Crypto Bear Market, Files NFT, Metaverse, Crypto Trading Patents

2 mins
Updated by Kyle Baird
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In Brief

  • Fidelity has entered into the metaverse by filing three trademark applications in the digital space.
  • Its applications cover NFTs, metaverse investments and virtual real estate investing.
  • Fidelity has been expanding its digital asset efforts amid a weak crypto market.
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Fidelity has continued forward in its foray into the digital asset world by filing three industry-specific trademark applications.

Its applications cover NFTs, metaverse investment, and virtual real estate investing, among other services. United States Patent and Trademark Office (USPTO) Attorney Mike Kondoudis highlighted in a tweet that the company applied on Dec. 21.

Fidelity Hints at New Digital Space Offerings

The applications incorporate the provision of an online marketplace for buyers and sellers under non-fungible tokens (NFTs). In addition, Fidelity asks for mutual funds, retirement funds, and other investment management services in the metaverse and other virtual worlds. All this while facilitating transfers of electronic cash equivalents, including crypto.

Notably, the applications come amid a weakened crypto market. Since the FTX collapse, the global cryptocurrency market cap has remained subdued and hovers around $847 billion at press time.

While the market has cumulatively wiped off much of the value that’s been made since its peak last year, and this also rings true for Bitcoin. At the time of press, the top cryptocurrency remains under the $17,000 level and is down over 75% under its all-time high of $69,000. 

An Expanding Journey Despite Weak Market

However, Fidelity appears to be utilizing the sluggish market as an expansion opportunity. Especially when the total value of its assets under management has also taken a hit in the bear market. But, it remains a large asset management firm with around $9.6 trillion under custody.

Since the crypto crash accelerated in May of this year, Fidelity Investments has not put brakes on its growth plans. While it has doubled its staff in the second half of 2022, the business also revealed to Bloomberg in October that it will be hiring 100 workers for its digital asset division.

Fidelity Retirement Crypto Bitcoin

Fidelity also unveiled the Ethereum Index Fund in October to enable investments in Ethereum. This year, it also entered the 401(k) plan, allowing participants to put some of their retirement funds into Bitcoin.

Meanwhile, apart from Fidelity, HSBC also filed trademark applications on Dec. 15. The banking giant could be laying the groundwork to include NFT and metaverse offerings. On the same day, ITV studios filed an application for the Voice Metaverse that included metaverse entertainment services. Earlier in October, the production and distribution company had said in a release that it had given the Virtual Brand Group (VBG) exclusive metaverse rights to the most popular talent show, The Voice.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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