Fidelity Submits WEB3 Trademark Applications Despite Market Downturn

Fidelity, one of the world’s largest asset management firms, has filed three trademark applications as it plans to expand its footprint in the metaverse and offer a range of web3 investment product and service offerings. The firm submitted the trademark filings to the United States Patent Trademark Office (USPTO) on December 21. 

The details of the trademark filings were first highlighted in a tweet by licensed trademark attorney Mike Kondoudis, indicating Fidelity’s plans to launch an NFT marketplace and offer investment services including financial planning, fund investment (mutual funds, retirement funds), and investment management (real estate) within the virtual world. 

The investment giant likely sees a large growth potential in this space. Ranging from crypto trading, storage to payment services to investment-related education, the firm seeks to provide a one-stop service solution with this patent request. 

The investment at scale reflects the firm’s commitment to build a comprehensive asset management platform by capitalizing its existing capabilities in traditional assets, better bridging the virtual and traditional.   

The patent filings suggest that the firm has continued to invest in development of various web3 product designs despite market downturn. This move comes after a series of expansions this year, from launching a retail crypto trading platform last month to the launch of an Ethereum index fund in October.

Despite the latest FTX meltdown and the cryptocurrency contagion surrounding it, a number of traditional financial institutions and brands have continued to expand their product offerings into the digital asset markets.

For example, earlier this month, HSBC filed for a digital asset trademark with the USPTO, one that’s associated with metaverse, cryptocurrencies and NFTs related banking services. 

Payment giants such as PayPal and Stripe have also incorporated crypto into their business models. The former partnered with crypto wallet Metamask and the latter launched an on-ramp widget that allows the direct purchase of cryptocurrencies in Web3 apps.

The influence of Web 3.0 hasn’t just started with traditional finance, but has also extended to other arenas, as evidenced by the recent announcement from Starbucks and Warner Music on their plans to use blockchain and NFTs in the respective loyalty program and music platform.

As more prominent  traditional companies make a transition from web2 to web3 with blockchain technologies, inevitably retail or “average users” will join the fray, leading to the mass adoption of Web 3.0. It’s happened with VR, so the metaverse won’t be long behind. And thus will finally end the crypto winter – or so we hope.

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