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Thursday, February 9, 2023

Fidelity Has New Plans For Metaverse

Fidelity Digital Assets, a subsidiary of Fidelity Investments, is set to enter the non-fungible token (NFT) space with its newly created Nifty Gateway subsidiary. Speaking to Cointelegraph on Wednesday, Fidelity Digital Assets CEO Tom Jessop said that the firm plans to leverage its financial background for NFTs and other digital assets, allowing users to access “a number of products around NFTs.”

Jessop’s comments come as Nifty Gateway prepares to open an online marketplace for art-focused NFTs next week. The company has first invested in the space late last year when it was acquired by Fidelity. In a press release, Nifty Gateway CEO Duncan Cock Foster said that the planned marketplace would be the “first step towards creating a dynamic ecosystem,” adding that he expected the NFT market to “continue to evolve and become more mainstream.”

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As previously reported by Cointelegraph, NFTs have skyrocketed in popularity in recent weeks following the sale of several high-profile videos and artwork as digital tokens.

Fidelity To Step In Metaverse

Speaking to Cointelegraph, Fidelity Digital Assets CEO Tom Jessop said that the firm plans to leverage its financial background for NFTs and other digital assets, allowing users to access “a number of products around NFTs.”

“We’ve been talking about this stuff publicly now for a few months,” he said. “We’re pretty open about our intention to become one of the largest players in the space.”

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He continued: “Our first priority is to build out a suite of services that we can offer institutions who are looking at investing into crypto or digital assets.”

It’s important to note that Fidelity Digital Assets is a subsidiary of Fidelity, and it was created in 2019 with the specific purpose of building out this digital asset marketplace. So, for example, when you buy cryptocurrency on Coinbase or another exchange today and see it as USD value on your account balance, this is actually being held at Fidelity Digital Assets LLC.

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