To Attract Younger Investors, Fidelity has Opened a Building in the Metaverse

In Decentraland, the virtual structure was introduced.

Fidelity did not reveal how much it spent to acquire the virtual space.

Fidelity, one of the world's major financial service companies, announced on Thursday the opening of a virtual building in the metaverse that would give financial education and dance lessons.

Reuters reports that the move is intended to attract younger investors to its platforms. “We're striving to remain relevant for the next generation,” said David Dintenfass, Fidelity's chief marketing officer and head of new consumers, in an interview.

The Fidelity Stack was developed on Decentraland, a web application that simulates a city, complete with commerce areas, offices, and event spaces. It is available to everyone, however, the age range is 18-35. Fidelity established the Fidelity Metaverse ETF as part of the “Fidelity Stack,” providing investors with access to firms engaged in virtual environments such as the metaverse, where users may work, interact, and play on various devices.

“Learning by doing is compatible with the metaverse.” “This is the next step in a long series of things we're trying to do to reach out to the next generation,” Dintenfass said.

Fidelity says users may tour the building's interior, which includes a dance floor and a rooftop sky garden, and are pushed to learn the fundamentals of ETF investing while collecting “orbs” along the way. For an unknown sum, Fidelity acquired Decentraland's virtual space.

The Economics of Metaverse

Citi published a paper on the future of the metaverse lately. According to the paper, the economy of the metaverse might reach $13 trillion by 2030. The recent paper, titled “Metaverse and Money,” emphasized the increased interest in innovative technologies. According to Citi, there has been a significant increase in interest in the metaverse as a result of a surge in the sales of non-fungible tokens (NFTs).

In addition, in the last several months, major technology firms have joined the Metaverse ecosystem. HSBC announced cooperation with The Sandbox to enter the Metaverse area in March.